The American retail chain, Walmart has evaded billions in taxes in the United States. The company set up a fictional Chinese company for this.
That’s what the American website Quartz writes that saw a presentation from a former Walmart director.
Walmart set up a Chinese company for “Project Flex” that would not be taxed by tax authorities from both China and the US.
The company led money flows along that related to the billions of goods that Walmart annually purchases in China. In this way, the retail chain would have evaded $ 2.6 billion in tax in this way.
According to the tax experts consulted by Quartz, the US IRS can still go after Walmart. The Chinese tax authorities may also be able to ask questions.
Walmart denies having done something wrong. The company states that the case was reviewed years ago and that the IRS has already closed the relevant tax year.