Wyden Probes 4 Accounting Giants Over Malta Tax Schemes as U.S. Subsidiaries Jump 70%
Updated
Updated · The New York Times · Oct 21
Wyden Probes 4 Accounting Giants Over Malta Tax Schemes as U.S. Subsidiaries Jump 70%
1 articles · Updated · The New York Times · Oct 21
Summary
Ron Wyden asked KPMG, Deloitte, EY and PwC for detailed records on how they advised U.S. multinationals to use Malta to avoid billions of dollars in taxes.
The Senate Finance Committee Democrat requested strategy descriptions, marketing materials, tax-savings estimates, fee details and client counts after a New York Times investigation found companies using often-empty Malta subsidiaries to shift profits.
Crocs, Victoria’s Secret, Abbott Laboratories and Thermo Fisher were among companies reported to have tapped Malta’s near-zero effective corporate tax rate to move income away from countries where they have employees and customers.
Malta’s appeal has grown after it delayed a global minimum corporate tax until 2029 and President Trump withdrew the United States from that enforcement effort; public records show U.S. companies’ Maltese subsidiaries have risen about 70% in three years.