Goldman tax dodge fury shakes Denmark government

   0   0 Blog, Taxing corporations
Dong GS

Image from http://www.dr.dk/nyheder/

We received this email yesterday about opposition in Denmark to a deal to sell a big stake in the state energy company Dong to Goldman Sachs, raising large civil society pushback, partly due to concerns about possible tax avoidance. Right now the lead story on the FT website is “Danish coalition on brink over Goldman deal

From Sara Jespersen at Eurodad:

“The sale of shares in the State energy company DONG to Goldman Sachs have sparked furious debate. A petition with citizen signatures is now at more than 177.000 opposing this sale! (note Denmark has only 5.6 million inhabitants; the FT now updates with 188,000)

The Copenhagen Post reports:

“The DONG and Sachs sale came under the microscope after it was revealed that the investment bank will administrate its ownership from shell corporations in Luxembourg, the US state of Delaware and the Cayman Islands, all well-known tax havens.”

Jespersen continues:

A big part of the debate is about how Goldman Sachs contributed to the crisis in 2008, but also how they might very well not pay taxes in Denmark due to their corporate structure.

Media stories here and here. Of course they deny that tax dodging will take place – but those kinds of denials are ten a penny and although we haven’t reviewed this particular structure, these kinds of deals do tend to cost ordinary taxpayers substantial sums.

See a graphics on Goldman Sachs corporate ownership for this buy-up here (scroll down,) and see pictures from stunt today in front the parliament in Copenhagen here.”


Related Posts

New estimates reveal the extent of tax avoidance by multinationals

Price Waterhouse CoopersNew figures published today by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies. Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. The figures appear in a […]

READ MORE →

Banking Secrecy in China, its related territories and Taiwan

Hong Kong from Sky 100Foreword. The Tax Justice Network is a non partisan network of experts working towards transparency, so we do not take any position about countries’ territorial and political claims. However, we do expect countries with a de jure (legal) or de facto (in practice) influence over other territories, to take responsibility for their power. We point […]

READ MORE →

Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]

READ MORE →

New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]

READ MORE →

Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top