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Wal-Mart Hiding Assets In Overseas Tax Havens

  • Al Norman
  • July 11, 2015
  • No Comments

The group Americans for Tax Fairness has begun an online campaign to “Urge the Securities and Exchange Commission to Demand Full Disclosure of Wal-Mart’s Offshore Subsidiaries in Tax Havens.”

The group charges that ???Wal-Mart has set up 78 shell companies in 15 tax havens. A principal reason a company uses offshore tax havens is to avoid paying its fair share of taxes here at home???Wal-Mart owns $76 billion in assets through just two notorious tax havens–Luxembourg and the Netherlands. This is shameful behavior by the largest employer in the United States and by a company majority-owned by one of the richest families in the World. It shouldn’t be tolerated.”

Here is a link to the Americans for Tax Fairness petition:

https://www.credomobilize.com/petitions/urge-the-sec-to-demand-full-disclosure-of-walmart-s-offshore-subsidiaries-in-tax-havens

When Wal-Mart and other big corporations do not pay their fair share of taxes guess who picks up the tab ?? you and me. Wal-Mart owes its success to the resources and services that are made possible through taxes: roads, bridges, schools, the legal system and everything else that helps the American economy thrive. But Wal-Mart ?? and many other corporations ?? increasingly use tax havens to avoid paying their fair share. We need to know whether Wal-Mart is skirting the law by using secretive tax havens and how much it is avoiding in taxes.

American taxpayers deserve a greater degree of transparency and demand full disclosure of Wal-Mart’s offshore subsidiaries and how much the company is avoiding in taxes. We are calling on the SEC to determine if Wal-Mart is skirting the law when it comes to reporting its use of tax havens and using these tax havens to avoid paying taxes.

Average Americans and small businesses have to make up the difference when Wal-Mart doesn???t pay its fair share.
Americans for Tax Fairness says Wal-Mart has built a vast, undisclosed network of 78 subsidiaries and branches in 15 overseas tax havens. These may be used to minimize foreign taxes where Wal-Mart has retail operations and to avoid U.S. taxes on those foreign earnings. These tax-haven subsidiaries have remained largely invisible, in part because Wal-Mart does not list them in its annual 10-K filings with the Securities & Exchange Commission (SEC).

Readers should add their name to the Americans for Tax Fairness petition:

https://www.credomobilize.com/petitions/urge-the-sec-to-demand-full-disclosure-of-walmart-s-offshore-subsidiaries-in-tax-havens

To view the full report, link here:

http://www.americansfortaxfairness.org/files/TheWalmartWeb-June-2015-FINAL.pdf

The group Americans for Tax Fairness has begun an online campaign to “Urge the Securities and Exchange Commission to Demand Full Disclosure of Wal-Mart’s Offshore Subsidiaries in Tax Havens.”

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Al Norman

Al Norman

Al Norman first achieved national attention in October of 1993 when he successfully stopped Wal-Mart from locating in his hometown of Greenfield, Massachusetts. Almost 3 decades later they is still not Wal-Mart in Greenfield. Norman has appeared on 60 Minutes, was featured in three films, wrote 3 books about Wal-Mart, and gained widespread media attention from the Wall Street Journal to Fortune magazine. Al has traveled throughout the U.S., Barbados, Puerto Rico, Ireland, and Japan, helping dozens of local coalitions fight off unwanted sprawl development. 60 Minutes called Al “the guru of the anti-Wal-Mart movement.”

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Learn How To Stop Big Box Stores And Fulfillment Warehouses In Your Community

The strategies written here were produced by Sprawl-Busters in 2006 at the request of the United Food and Commercial Workers (UFCW), mainly for citizen groups that were fighting Walmart. But the tips for fighting unwanted development apply to any project—whether its fighting Dollar General, an Amazon warehouse, or a Home Depot.

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