Three Belgian journalists from the dailies De Tijd, Le Soir and MO*Magazine took part in the investigation.
It has been common knowledge that businesses and the well-off often set up financial constructions involving the Grand-Duchy in order to pay less tax.
These operations have now been mapped out. Commentators suggest that it is unlikely that Jean-Claude Juncker, who was the Prime Minister of Luxembourg at the time, was unaware of what was happening.
As a result of a leak details of the tax deals set up by the consultants Pricewaterhousecoopers at the request of wealthy people and businesses came to light.
Lars Bové, Xavier Counasse and Kristof Clerix examined hundreds of confidential documents that revealed 37 tax deals that the authorities in Luxembourg concluded with 26 of Belgium’s richest families and businesses including the Spoelberch Family linked to brewers AB Inbev.
De Tijd journalist Lars Bové says that the constructions were legal, but that still there is a problem: “It’s a fact that the Luxembourg taxman allowed this to happen for years. It’s an EU state that ensured that other countries including Belgium missed out on tax revenue.”
The businesses that concluded tax deals with Luxembourg also include US multinationals like Pepsi and luxury goods manufacturer Coach Inc.
Earlier the International Consortium of Investigative Journalists also published the results of an investigation into off-shore tax haven, the so called “Offshore Leaks”
Flandersnews.be / Expatica