Tag: LuxLeaks

Accenture settles Swiss tax claim for $200m

Accenture settles Swiss tax claim for $200m

The Accenture settlement with the Swiss tax authorities results from a significant discrepancy in the valuation of intangibles in a 2010 inter-company transfer from Switzerland to Ireland via Luxembourg that was disclosed in 2014 as a result of Lux Leaks. The Lux Leaks documents show that in the 48 hours it took to complete the inter-company transfer, the value of the intangibles had increased by almost 600 percent from $1.2 billion to $7 billion. In a document to the Luxembourg authorities detailing the tax treatment on the transaction, PwC confirmed the re-evaluation, describing the $7 billion as “fair market value”. Accenture was the first known user of the “CAIA-tax scheme” in a U.S. corporate tax inversion to Ireland. Accenture-2010-Tax-Ruling ... Continue to full case