CINXE.COM

<!DOCTYPE html> <html lang="en"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://asia.nikkei.com/Business/Trends/Multinationals-under-fire-for-tax-avoidance","20160505053713","https://web.archive.org/","web","/_static/", "1462426633"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <meta http-equiv="Content-Script-Type" content="text/javascript"/> <meta http-equiv="Content-Style-Type" content="text/css"/> <meta http-equiv="Pragma" content="no-cache"/> <meta http-equiv="Cache-Control" content="no-cache, must-revalidate"/> <meta http-equiv="Expires" content="-1"/> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="keywords" content="Multinationals,fire,tax,avoidance"/> <meta name="description" content="TOKYO -- Revelations in last month's Panama Papers scandal brought widespread condemnation of companies and individuals using offshore companies to hi"/> <meta name="date" content="2016-05-02 19:00:00"/> <meta name="twitter:card" content="summary"/> <meta name="twitter:site" content="@NAR"/> <meta property="og:title" content="Multinationals under fire for tax avoidance- Nikkei Asian Review"/> <meta property="og:type" content="article"/> <meta property="og:description" content="TOKYO -- Revelations in last month's Panama Papers scandal brought widespread condemnation of companies and individuals using offshore companies to hi"/> <meta property="og:image" content="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0502t/20160502_google_ireland/4439794-1-eng-GB/20160502_google_ireland_articlethumbnail.jpg"> <title>Multinationals under fire for tax avoidance- Nikkei Asian Review</title> <meta property="og:url" content="https://web.archive.org/web/20160505053713/http://asia.nikkei.com/Business/Trends/Multinationals-under-fire-for-tax-avoidance"/> <meta property="og:site_name" content="Nikkei Asian Review"/> <link rel="canonical" href="https://web.archive.org/web/20160505053713/http://asia.nikkei.com/Business/Trends/Multinationals-under-fire-for-tax-avoidance"/> <link rel="apple-touch-icon-precomposed" href="/web/20160505053713im_/http://asia.nikkei.com/apple-touch-icon-precomposed.png"> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/css/jquery-ui-1.10.3.custom.min.css"/> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/css/common_v017.css"/> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/css/style_v030.css"/> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/css/custom/modal_v004.css"/> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/extension/ezfind/design/standard/stylesheets/ezajax_autocomplete.css"/> <script src="/web/20160505053713js_/http://asia.nikkei.com/JavaScript/jquery-1.10.1.min.js"></script> <script src="/web/20160505053713js_/http://asia.nikkei.com/JavaScript/jquery-ui-1.10.3.custom.min.js"></script> <script src="/web/20160505053713js_/http://asia.nikkei.com/JavaScript/nar_v023.js"></script> <script src="/web/20160505053713js_/http://asia.nikkei.com/JavaScript/slider_v001.js"></script> <script type="text/javascript"> var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; (function() { var gads = document.createElement("script"); gads.async = true; gads.type = "text/javascript"; var useSSL = "https:" == document.location.protocol; gads.src = (useSSL ? "https:" : "http:") + "//web.archive.org/web/20160505053713/http://www.googletagservices.com/tag/js/gpt.js"; node =document.getElementsByTagName("script")[0]; node.parentNode.insertBefore(gads, node); })(); </script> <script type="text/javascript"> googletag.cmd.push(function() { googletag.defineSlot('/7049/NikkeiEnglish_728*90', [728, 90], 'div-gpt-ad-1375148224113-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_1', [300, 250], 'div-gpt-ad-1375148072299-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_2', [300, 250], 'div-gpt-ad-1375260461786-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_300*250_3', [300, 250], 'div-gpt-ad-1404116812193-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InRead_Article', [1, 1],'div-gpt-ad-1396427317542-0').addService(googletag.pubads()); googletag.defineSlot('/7049/NikkeiEnglish_InBoard_Article', [1, 1], 'div-gpt-ad-1410933087819-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); </script> <script type="text/javascript"> var YUI3_config = {base: "/extension/ezjscore/design/standard/lib/yui/3.9.0/build/", modules: {}, combine: false}; var YUI2_config = {base: "/extension/ezjscore/design/standard/lib/yui/2.8.2/build/", modules: {}, combine: false}; </script> <script type="text/javascript" src="/web/20160505053713js_/http://asia.nikkei.com/js/7bebe13.js"></script> <script type="text/javascript">  </script> <script type="text/javascript"></script> <script>(function() { var _fbq = window._fbq || (window._fbq = []); if (!_fbq.loaded) { var fbds = document.createElement('script'); fbds.async = true; fbds.src = '//web.archive.org/web/20160505053713/http://connect.facebook.net/en_US/fbds.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(fbds, s); _fbq.loaded = true; } _fbq.push(['addPixelId', '1076130949081971']); })(); window._fbq = window._fbq || []; window._fbq.push(['track', 'PixelInitialized', {}]); </script> <noscript><img height="1" width="1" alt="" style="display:none" src="https://web.archive.org/web/20160505053713im_/https://www.facebook.com/tr?id=1076130949081971&ev=PixelInitialized"/></noscript> <script src="//web.archive.org/web/20160505053713js_/http://assets.adobedtm.com/43692acb8f62beca52063bd53825dcc138f4617b/satelliteLib-f0b759d61953ea549c6cc70abb26c8ddca3274f5.js"></script> <script type="text/javascript" src="/web/20160505053713js_/http://asia.nikkei.com/js/9bf5c52.js"></script> <script type="text/javascript">  </script> <script type="text/javascript">  </script> </head> <body> <div id="fb-root"></div> <script type="text/javascript"> window.fbAsyncInit = function() { // FB initialize FB.init({ appId : '250799988299057', xfbml : true, version : 'v2.5' }); // Subscribe to the Like event FB.Event.subscribe('edge.create',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'follow', 'Facebook-follow',0, {nonInteraction:true}); }); // Subscribe to the UnLike event FB.Event.subscribe('edge.remove',function(response){ var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Facebook', 'socialAction': 'unfollow', 'socialTarget': narURL }); ga('send', 'event', 'Facebook', 'unfollow', 'Facebook-unfollow',0, {nonInteraction:true}); }); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//web.archive.org/web/20160505053713/http://connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://web.archive.org/web/20160505053713/https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) { t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); </script>  <div id="header"> <div class="header-banner">  <div id="div-gpt-ad-1375148224113-0" style="width:728px; height:90px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148224113-0'); }); </script> </div> <div id="login_before" class=""><a href="https://web.archive.org/web/20160505053713/https://regist.asia.nikkei.com/member/register/?n_cid=NARAN041"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90.jpg" alt=""/></a></div> <div id="login_after" class="display_none"><a href="/web/20160505053713/http://asia.nikkei.com/magazine/?n_cid=NARAN068"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/pr/20160107-pc_header230x90_rtm.jpg" alt=""/></a></div> <script language="JavaScript" type="text/javascript"> NAR_js.pr_header(); </script> </div> <div class="header-content"> <h1 class="logo"><a href="/web/20160505053713/http://asia.nikkei.com/"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo.png" alt="Nikkei Asian Review"/></a></h1> <div class="header-tool"> <ul class="base-list"> <li class="sp-l-menu ct_hidden"><a href="javascript:void(0)" class="js_balloon">Log in</a></li> <li class="sp-l-menu"><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?n_cid=NARAN040">Subscribe</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/about">About Nikkei Asian Review</a></li> </ul> <div> <div class="change-region">Sort by Region <table> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=1">Mainland China</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=2">North Korea</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=3">South Korea</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=4">Japan</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=5">Taiwan</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=6">Hong Kong, Macau</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=7">Vietnam</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=8">Laos, Cambodia, Myanmar</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=9">Thailand</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=10">Malaysia</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=11">Singapore</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=12">Philippines</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=13">Indonesia</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=14">India</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=15">Pakistan, Bangladesh,Sri Lanka, Nepal, Bhutan</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=16">Mongolia, Central Asia, Afghanistan</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=17">Russia, Caucasus</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=18">Australia, New Zealand, Pacific Islands</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=19">Turkey</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=20">Iran</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=21">Middle East, North Africa</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=22">Sub-Saharan Africa</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=23">Europe</a></td> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=24">North America</a></td> </tr> <tr> <td><a href="/web/20160505053713/http://asia.nikkei.com/search/findByRegion?facet_region=25">Latin America</a></td> </tr> </table> </div> <div> <form name="searchHeadArticles" action="/web/20160505053713/http://asia.nikkei.com/search/find"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search articles"/> <a href="#">search</a> <div id="header-autocomplete-rs"></div> </div> </form> <script language="JavaScript" type="text/javascript"> jQuery('#header-autocomplete-rs').css('width', '174px'); var autocomplete = new eZAJAXAutoComplete({ url: "/ezjscore/call/custom::autocomplete", inputid: 'SearchText', containerid: 'header-autocomplete-rs', minquerylength: 2, resultlimit: 5 }); </script> </div> <div> <form name="searchHeadCompanies" action="/web/20160505053713/http://asia.nikkei.com/Company/SearchResults"> <div class="search-box" id="ezautocomplete"> <input id="SearchText" class="pHolder" name="search_keyword" autocomplete="off" type="text" title="Search companies"/> <a href="#">search</a> </div> </form> </div> </div> </div> <div id="modal-login-balloon"> <div class="js_form-login-balloon_loading-layer" style="position: absolute; top: 0; left: 0; right: 0; bottom: 0; background: rgba(255, 255, 255, 0.3); z-index: 120; display: none;"></div> <img src="/web/20160505053713im_/http://asia.nikkei.com/images/bg_load_2.gif" alt="loading..." class="js_form-login-balloon_loading-img" style="position: absolute; top: 50%; left: 50%; margin-left: -24px; margin-top: -24px; z-index: 150; display: none;"/> <form id="js_form-login-balloon" class="bg" action="https://web.archive.org/web/20160505053713/https://regist.asia.nikkei.com/member/auth/login/process"> <div class="login-form"> <h3 class="title">Log in</h3> <div class="input-form"> <dl> <dt>E-mail address/ID</dt> <dd class="js_valid js_notnull js_type_loginId"> <input type="text" class="js_vc-mail" name="formLogin[loginId]" id="js_form-login-balloon_loginId" msg_require="Please enter your e-mail address/ID" msg_type="Please enter valid e-mail address/ID" maxlength="100" style="ime-mode: disabled;"/> <p class="error"></p> </dd> <dt>Password<span class="arrow"><a href="/web/20160505053713/http://asia.nikkei.com/member/password/" tabindex="-1">Forgot password?</a></span></dt> <dd class="js_valid js_notnull"> <input type="password" name="formLogin[password]" id="js_form-login-balloon_password" msg_require="Please enter your password" maxlength="30"/> <p class="error"></p> </dd> </dl> <div><label><input type="checkbox" checked="checked" name="formLogin[rememberMe]" id="js_form-login-balloon_rememberMe"/>Remember me</label></div> <div class="login-btn"><button type="submit" id="login-balloon-submit" class="general-submit-btn js_btn-submit"><span>Log in</span></button></div> <input type="hidden" name="formLogin[mode]" id="js_form-login-balloon_mode" value="NORMAL"/> </div> </div> </form> <a class="close-btn js_close">close</a> <script type="text/javascript"></script> </div> </div> <div class="navigation active"> <div class="inner"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/">Home</a></li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/">Politics & Economy</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics">Policy & Politics</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Economy/">Economy</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/International-Relations/">International Relations</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Business/">Business</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/">Companies</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/AC">  Asia300</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Trends/">Trends</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Deals">Deals</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Executive-Lounge">Executive Lounge</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Consumers/">Consumers</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Markets/">Markets</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Capital-Markets/">Capital Markets</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Equities">Equities</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Currencies/">Currencies</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Commodities/">Commodities</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Property/">Property</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Tokyo-Market/">Tokyo Market</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Markets/Nikkei-PMI/">Nikkei PMI</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Tech-Science/">Tech & Science</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Tech-Science/Tech/">Tech</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Tech-Science/Science/">Science</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Viewpoints/">Viewpoints</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Viewpoints/Viewpoints/">Viewpoints</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Viewpoints/Editorial/">Editorial</a></li> </ul> </div> </li> <li class="list-open"> <a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/">Life & Arts</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Life/">Life</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Arts/">Arts</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Japan-Trends/">Japan Trends</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Education/">Education</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Milestone/">Milestone</a></li> </ul> </div> </li> <li class="list-open"> <a>Features</a> <div class="list-menu"> <ul> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Philippine-presidential-election/">Philippine elections</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Mitsubishi-Motors-emissions-scandal/">Mitsubishi Motors scandal</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Kyushu-earthquakes/">Kyushu earthquakes</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Panama-Papers/">Panama Papers</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/North-Korea-launches-long-range-rocket/">Pyongyang provocation</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Startups">Startups</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Trans-Pacific-Partnership/">Trans-Pacific Partnership</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/China-up-close/">China up close</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/CEO-in-the-news/">CEO in the news</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Company-in-focus/">Company in focus</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Features/Tea-Leaves/">Tea Leaves</a></li> </ul> </div> </li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Japan-Update/">Japan Update</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/magazine">Print Edition</a></li> </ul> </div> </div> </div> <div id="content"> <div class="primary"> <div class="topic-path"> <ul> <li class=""><a href="/web/20160505053713/http://asia.nikkei.com/Business">Business</a></li><li class="last"><a href="/web/20160505053713/http://asia.nikkei.com/Business/Trends">Trends</a></li> </ul> </div> <div class="article detail-area"> <div class="icon-area"> <ul class="snsicon-list"> <li class="print" style="display:none;"><a href="/web/20160505053713/http://asia.nikkei.com/print/article/171001" target="_blank">Print</a></li> <li class="Facebook"><a href="https://web.archive.org/web/20160505053713/https://www.facebook.com/sharer/sharer.php?u=http://s.nikkei.com/1SX4kym&t=Multinationals%20under%20fire%20for%20tax%20avoidance-%20Nikkei%20Asian%20Review" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160505053713/https://twitter.com/share?url=http://s.nikkei.com/1SX4kym&text=Multinationals%20under%20fire%20for%20tax%20avoidance-%20Nikkei%20Asian%20Review" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160505053713/http://www.linkedin.com/shareArticle?mini=true&url=http://s.nikkei.com/1SX4kym&title=Multinationals%20under%20fire%20for%20tax%20avoidance-%20Nikkei%20Asian%20Review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160505053713/https://plus.google.com/share?url=http://s.nikkei.com/1SX4kym" target="_blank">Google+</a></li> <li class="Mail"><a href="https://web.archive.org/web/20160505053713/mailto:/?subject=Multinationals%20under%20fire%20for%20tax%20avoidance&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0AMultinationals%20under%20fire%20for%20tax%20avoidance%0D%0Ahttp://s.nikkei.com/1SX4kym">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">May 2, 2016 7:00 pm JST</div> <h1 class="title">Multinationals under fire for tax avoidance</h1> </div> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0502t/20160502_google_ireland/4439794-1-eng-GB/20160502_google_ireland_article_main_image.jpg" width="580" alt=""/> <p class="img-caption"> Google's EU headquarters in Dublin, Ireland <span class="img-credit"> © Reuters </span> </p> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO -- Revelations in last month's Panama Papers scandal brought widespread condemnation of companies and individuals using offshore companies to hide their profits from the prying eyes of the taxman.</p><p>But for many, the scandal merely revealed the tip of the iceberg, and a number of governments and politicians have intensified their campaigns to stamp out corporate tax avoidance.</p><div class="page_limit free"></div><div class="page_limit"></div><p>U.S. Democratic presidential candidate Bernie Sanders has attacked industrial icon General Electric for "destroying the moral fabric of America."</p><p>In an interview with the New York Daily News, Sen. Sanders, a self-proclaimed "democratic socialist," said GE is "doing a very good job avoiding the taxes." "In fact, in a given year, they pay nothing in taxes. That's greed."</p><p>GE CEO Jeffrey Immelt responded in an op-ed piece in the Washington Post by saying, "We create wealth and jobs, instead of just calling for them in speeches."</p><p>GE tops the list of "Top 10 Corporate Tax Avoiders" put forward by the Sanders campaign, which also includes Boeing and Pfizer.</p><p>Comments about GE say, "From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service. GE's effective corporate income tax rate over this six-year period was -9 percent."</p><p>In early April, Pfizer withdrew from a planned $160 billion takeover of Ireland-based Allergan -- a deal which would have created the world's largest drugmaker.</p><p>Allergan CEO Brent Saunders contended the U.S. government had made changes to the rules governing inversion deals -- where a company moves its base to a jurisdiction with a lower corporate tax rate -- in a deliberate move to block the deal.</p><p>According to Goldman Sachs, the average effective corporate tax rate for major U.S. companies was 29% in 2015, compared with the statutory rate of about 40%, thanks to a raft of measures they can resort to.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p>Apple, for example, had an effective rate of 26%, despite being based in California, where companies are theoretically subject to a corporate tax of over 40%.</p><p>U.S. multinationals have allegedly amassed $2 trillion of reserves overseas, an amount equivalent to four years' worth of the government's corporate tax revenue.</p><p>Public indignation about corporate tax avoidance has been fueled even further by revelations emerging from the Panama Papers.</p><p>But many of the companies under fire may argue they have good reason to try and lower their tax burden wherever possible.</p><p>The effective corporate tax rate in the U.S. -- about 40% -- is among the highest in the developed world, and with President Obama stepping down later this year, his proposal to lower the federal corporate tax rate to 28% from 35% appears to have little chance of success.</p><p>"U.S. companies continue to wrestle with an outdated and complex tax code that puts them at a distinct competitive disadvantage," said Immelt in his piece in the Washington Post.</p><p>Tax havens are broadly defined as countries or territories where the corporate tax rate is below 20%. Nearly 40 of the 146 countries and areas where surveys on taxation are possible fit this definition in 2015, according to a major accounting firm.</p><p>With a rate of just 12.5%, Ireland exemplifies the trend toward fiercer global competition among countries seeking to tempt foreign business with attractive tax regimes. The country's corporate tax revenue grew by nearly 50% in 2015.</p><p>The European Union has put forward the idea of a unified minimum corporate tax rate across all member states. Such a radical step is unlikely to gain much political traction, but the proposal may at least be a sign that the tide could be turning against corporate tax avoidance.</p><p>(Nikkei)</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div class="pagination no-border"></div> <div class="related-list"> <p class="related-header">Related stories</p> <ul class="point-list"> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Panama-Papers-furor-highlights-Japan-s-struggle-with-tax-dodgers">Panama Papers furor highlights Japan's struggle with tax dodgers</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Panama-Papers-reveal-dubious-wealth-of-dictators-cronies">Panama Papers reveal dubious wealth of dictators, cronies</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Panama-Papers-show-Japanese-stakes-in-270-offshore-tax-haven-entities">Panama Papers show Japanese stakes in 270 offshore tax haven entities</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Australia-to-target-multinational-tax-avoiders">Australia to target multinational tax avoiders</a></li> </ul> </div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160505053713oe_/http://asia.nikkei.com/Business/Trends/Multinationals-under-fire-for-tax-avoidance" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <script type="text/javascript" async="async" src="https://web.archive.org/web/20160505053713js_/http://widgets.outbrain.com/outbrain.js"></script> <div class="link-box GCCMD_removeall">  <h2 class="title">Follow Nikkei Asian Review</h2> <div class="follow-nar"> <dl> <dt><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></dt> <dd class="Facebook">The best content posted</dd> <dt class="Twitter"><a href="https://web.archive.org/web/20160505053713/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </dt> <dd class="Twitter">The latest headlines tweeted</dd> </dl> </div> </div> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20160505053713cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20160505053713js_/http://asia.nikkei.com/js/497390b.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <div class="link-box "> <h5 class="title notice a300title"><a href="/web/20160505053713/http://asia.nikkei.com/Business/AC"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/A300logoS.png" alt="Asia300 Companies to watch"/></a></h5> <ul class="headline-list"> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/China-probes-Baidu-over-health-ads-after-student-s-death">China probes Baidu over health ads after student's death</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Tata-Steel-s-UK-ops-attract-possible-management-buyout-bid">Tata Steel's UK ops attract possible management buyout bid</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars">Philippines, Inc. wary of Duterte as next president</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/Listed-Chinese-companies-suffer-first-profit-drop-since-2008">Listed Chinese companies suffer first profit drop since 2008</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Sembcorp-Industries-profit-sinks-nearly-25-as-rig-orders-dwindle">Sembcorp Industries' profit sinks nearly 25% as rig orders dwindle</a> </li> </ul> <div class="more"> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC"> more </a> </div> <div class="more"> <a href="/web/20160505053713/http://asia.nikkei.com/info/about-asia300" target="_blank">About Asia300</a> </div> </div> <div class="rectangle">  <div id="div-gpt-ad-1375148072299-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375148072299-0'); }); </script> </div> </div>  <div class="link-box"> <h5 class="title">Follow Nikkei Asian Review</h5> <table class="follow-nar"> <tr> <th><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></th> <td class="Facebook">The best content posted</td> </tr> <tr> <th><a href="https://web.archive.org/web/20160505053713/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </th> <td class="Twitter">The latest headlines tweeted</td> </tr> </table> </div> <div class="link-box "> <h5 class="title"><a href="/web/20160505053713/http://asia.nikkei.com/Latestheadlines">Latest headlines</a></h5> <ul class="headline-list"> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Life-Arts/Arts/Japan-South-Korea-displaying-ancient-statues-to-fete-friendship">Japan, South Korea displaying ancient statues to fete friendship</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Facebook-takes-page-from-Google-playbook-in-cementing-founder-s-power">Facebook takes page from Google playbook in cementing founder's power</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/International-Relations/Key-at-bay-as-NZ-seeks-wider-China-trade-deal">Key at bay as NZ seeks wider China trade deal</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/International-Relations/Southeast-Asia-s-migration-wave-highlights-Japan-s-barriers">Southeast Asia's migration wave highlights Japan's barriers</a> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/International-Relations/Trump-urges-Japan-to-pay-more-to-maintain-US-military-bases">Trump urges Japan to pay more to maintain US military bases</a> </li> </ul> <div class="more"><a href="/web/20160505053713/http://asia.nikkei.com/Latestheadlines">more</a></div> </div> <script> var meta_tags = document.getElementsByTagName('meta'); for(i=0;i<meta_tags.length;i++){ if(meta_tags[i].getAttribute("property")=="og:url"){ var og_url=meta_tags[i].getAttribute("content"); } } </script> <script> document.write('<div class="OUTBRAIN" data-src="' + og_url + '" data-widget-id="SB_1" data-ob-template="Nikkei_Asian_Review_EN"></div>'); </script> <div class="link-box "> <h5 class="title">Most read</h5> <ul class="ranking-list"> <li class="number1"> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"><span class="sub-title-s">China up close: </span>Xi Jinping vs. Li Keqiang</a> </li> <li class="number2"> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars">Philippines, Inc. wary of Duterte as next president</a> </li> <li class="number3"> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Trends/Foreign-operators-battle-for-Asian-airports-amid-privatization-wave">Foreign operators battle for Asian airports amid privatization wave</a> </li> <li class="number4"> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Trends/Japan-exporters-stand-to-take-nearly-10bn-hit-from-rising-yen">Japan exporters stand to take nearly $10bn hit from rising yen</a> </li> <li class="number5"> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Trump-wins-big-in-Indiana-with-a-clear-path-as-Cruz-quits">Trump wins big in Indiana, with a clear path as Cruz quits</a> </li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1375260461786-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1375260461786-0'); }); </script> </div> </div>  <div class="link-box videos"> <h5 class="title"><a href="https://web.archive.org/web/20160505053713/http://video.asia.nikkei.com/">Videos</a></h5> <div class="column-layout"> <ul class="video-detail"> <li> <a href="https://web.archive.org/web/20160505053713/http://video.asia.nikkei.com/detail/videos/business-clip/video/4846543373001/evyap-making-soap-in-new-ways"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/soap-evyap/4272093-4-eng-GB/Soap-Evyap.jpg" width="80" alt=""> <p>How Evyap makes soap</p> </a> </li> <li> <a href="https://web.archive.org/web/20160505053713/http://video.asia.nikkei.com/detail/videos/channel-japan/video/4834942604001/making-good-designs-sell"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/cj-crowd-sourced-manufacturing/4320002-1-eng-GB/CJ-Crowd-sourced-manufacturing.jpg" width="80" alt=""> <p>Crowd-sourced manufacturing</p> </a> </li> <li> <a href="https://web.archive.org/web/20160505053713/http://video.asia.nikkei.com/detail/videos/close-up/video/4807896683001/whisky-s-new-player-on-world-stage:-taiwan"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/video/2016/taiwan-whisky-maker/4228177-1-eng-GB/Taiwan-whisky-maker.jpg" width="80" alt=""> <p>Taiwan whisky takes on the world</p> </a> </li> </ul> </div> <div class="more"><a href="https://web.archive.org/web/20160505053713/http://video.asia.nikkei.com/">more</a></div> </div> <div class="link-box "> <h5 class="title">Editor's picks</h5> <ul class="photo-list another-case"> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/AI-may-help-Japan-s-baseball-champs-rewrite-Moneyball"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/20160429t/hawksai1/4432489-1-eng-GB/HawksAI1_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/AI-may-help-Japan-s-baseball-champs-rewrite-Moneyball">AI may help Japan's baseball champs rewrite 'Moneyball' </a> </p> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/magazine/20160428-Commodities-crucible/Tech-Science/Growbots-promise-to-transform-Australian-agriculture"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0415t/20160415_sydney_university/4359653-1-eng-GB/20160415_Sydney_university_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505053713/http://asia.nikkei.com/magazine/20160428-Commodities-crucible/Tech-Science/Growbots-promise-to-transform-Australian-agriculture">Growbots promise to transform Australian agriculture</a> </p> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/20160501/20160505-duterte-ayala/4438812-1-eng-GB/20160505-Duterte-Ayala_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505053713/http://asia.nikkei.com/Business/AC/Philippines-Inc-Duterte-Harry-and-the-men-with-fists-full-of-dollars">Philippines, Inc. wary of Duterte as next president</a> </p> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201605/0502t/20160502_xi_vs_li/4437888-1-eng-GB/20160502_xi_vs_li_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505053713/http://asia.nikkei.com/Politics-Economy/Policy-Politics/Xi-Jinping-vs.-Li-Keqiang"><span class="sub-title-s">China up close: </span>Xi Jinping vs. Li Keqiang</a> </p> </li> <li> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Taiwan-s-godfather-of-retail-eyes-supermarket-revolution"> <img src="/web/20160505053713im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0427n/0427n-chuan-lian-taipei/4420920-1-eng-GB/0427N-Chuan-Lian-Taipei_small_thumbnail.jpg" width="80" alt=""/> </a> <p> <a href="/web/20160505053713/http://asia.nikkei.com/Business/Companies/Taiwan-s-godfather-of-retail-eyes-supermarket-revolution">Taiwan's godfather of retail eyes supermarket revolution</a> </p> </li> </ul> </div> <div class="rectangle">  <div id="div-gpt-ad-1404116812193-0" style="width:300px;"> <script type="text/javascript"> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1404116812193-0'); }); </script> </div> </div>  <div id="div-gpt-ad-1396427317542-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { if((authority == "A1" || authority == "A2") && (cms_section == 8 || cms_section == 10)){ var current_cookie_name = String(now_date.getFullYear())+String(now_date.getMonth()+1)+"vc"; var current_user_view_count = getCookie(current_cookie_name); var current_cookie_nameList = current_cookie_name+"l"; var current_user_view_article_list = getCookieList(current_cookie_nameList); var in_array_flag = false; for(var i = 0; i < current_user_view_article_list.length; i++) { if(current_user_view_article_list[i] == article) { in_array_flag = true; } } if((authority == "A1") && (current_user_view_count >= article_limit) && !in_array_flag){ } else if((authority == "A2") && (current_user_view_count >= article_limit_free) && !in_array_flag) { } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } else if((authority == "A1" || authority == "A2") && (cms_section == 9)){ } else { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1396427317542-0'); }); } } </script> </div>  <div id="div-gpt-ad-1410933087819-0" style="width:1px; height:1px;"> <script type="text/javascript"> var obCheck = document.querySelectorAll('.articleBodyText p').length; var vdCheck = document.querySelectorAll('.BrightcoveExperience param').length; if ((obCheck >= 1) && !(vdCheck >= 1)) { googletag.cmd.push(function() { googletag.display('div-gpt-ad-1410933087819-0'); }); } </script> </div> </div> </div> <div id="footer"> <div class="footer-content"> <img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_footer.png" alt="Nikkei Asian Review"/> <div class="footer-link"> <ul class="snsicon-list"> <li class="Facebook"><a href="https://web.archive.org/web/20160505053713/https://www.facebook.com/nikkeiasianreview" target="_blank">Facebook</a></li> <li class="Twitter"><a href="https://web.archive.org/web/20160505053713/https://twitter.com/NAR" target="_blank">Twitter</a></li> <li class="LinkedIn"><a href="https://web.archive.org/web/20160505053713/http://www.linkedin.com/company/nikkei-asian-review" target="_blank">LinkedIn</a></li> <li class="Google"><a href="https://web.archive.org/web/20160505053713/https://plus.google.com/105293795757249725929/posts" target="_blank">Google+</a></li> <li class="YouTube"><a href="https://web.archive.org/web/20160505053713/https://www.youtube.com/user/NikkeiAsia" target="_blank">YouTube</a></li> <li class="RSS"><a href="/web/20160505053713/http://asia.nikkei.com/info/rss" target="_blank">RSS</a></li> </ul> <ul class="appstore-link"> <li><a href="https://web.archive.org/web/20160505053713/http://itunes.com/apps/thenikkeiasianreview" target="_blank"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/banner_appstore_l.png" alt="App store"/></a></li> <li><a href="https://web.archive.org/web/20160505053713/https://play.google.com/store/apps/details?id=com.nikkei.asianreview" target="_blank"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/banner_googleplay_l.png" alt="google play"/></a></li> </ul> </div> </div> <ul class="footer-nav base-list"> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/about">About Nikkei Asian Review</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/sitemap">Site map</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/help">Help</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/contact">Contact us</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/terms-of-use">Terms of use</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/copyright">Copyright</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/privacy">Privacy & cookie policy</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/advertising">Advertising</a></li> <li><a href="/web/20160505053713/http://asia.nikkei.com/info/announcements">Announcements</a></li> </ul> <div class="footer-tool"> <div class="copyright">Copyright © 2016 Nikkei Inc. All rights reserved.</div> <div class="language"> <ul class="base-list"> <li><a href="https://web.archive.org/web/20160505053713/http://www.nikkei.com/" target="_BLANK">Japanese</a></li> <li><a href="https://web.archive.org/web/20160505053713/http://cn.nikkei.com/" target="_BLANK">Chinese</a></li> </ul> </div> </div> </div> <div id="ms-link"> <ul> <li><a href="javascript:void(0);" onclick="javascript:NAR_js.view_change('sp');">Mobile site</a></li> </ul> </div> <div id="modal_gd04_01" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <p>Subscribe to get unlimited access to all articles.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?n_cid=NARAN003&return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance" class="general-btn" id="subscribe"><span>Get unlimited access</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(NonLogin)"></div> </div> <div id="modal_gd04_01_cp" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <h4>Thank you for visiting Nikkei Asian Review</h4> <p style="text-align:center">Take advantage of this limited offer, <br>three months for just <span class="fcR fsL02 fwB">$9</span>.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?n_cid=NARAN069&return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance" class="general-btn" id="subscribe"><span>Get discount now</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(NonLoginCamp)"></div> </div> <div id="modal_gd04_02" class="util limitSoon"> <h3 class="title">You have <span class="fsL02">2</span> <span class="fsL01">FREE ARTICLES</span> left this month.</h3> <div> <p>We could not renew your subscription.<br>You need to update your payment information.</p> <div class="btm-sec clearfix"> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> <p class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?n_cid=NARAN009&return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance" class="general-btn" id="resubscribe"><span>Update</span></a></p> </div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLimitSoon(FreeUser)"></div> </div> <div id="modal_gd05_01" class="util expiration"> <h3 class="title">Your trial period will end soon</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN005" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDSoonExpire(TrialUser)"></div> </div> <div id="modal-screen_gd05_01"></div> <div id="insert_modal_gd08_01" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN022" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN023" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN070" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN071" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN072" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(NonLogin)"></div> </div> <div id="insert_modal_gd08_01_cp" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN073" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN074" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p style="text-align:center"> <br>Subscribe today to read the full story, <br> <span class="fsL02 fwB">three months for just </span><span class="fsL02 fwB fcR">$9</span><span class="fsL02 fwB">.</span><br><br> Limited offer ends soon. </p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/newmodalEndSoon20160421.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN075" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN076" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN077" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(NonLoginCamp)"></div> </div> <div id="insert_modal_gd08_02" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN028" class="ga-subscribe" id="resubscribe">Update your account</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>We could not renew your subscription.<br>You need to update your payment information.</p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn"> <p class="btn01"><a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN078" class="general-btn" id="resubscribe-btn"><span>Update</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN079" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDLimited(FreeUser)"></div> </div> <div id="insert_modal_gd08_03" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN025" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN026" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>Once subscribed, you can…</p> <ul> <li>Read all stories with unlimited access (5 articles per month without subscription)</li> <li>Use our smartphone and tablet apps</li> </ul> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN080" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN081" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN082" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(NonLogin)"></div> </div> <div id="insert_modal_gd08_03_cp" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN083" class="ga-subscribe" id="subscribe">Subscribe</a> or <a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/redirect?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN084" class="ga-loginlink" id="login">Log in</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p style="text-align:center"> <br>Subscribe today to read the full story, <br> <span class="fsL02 fwB">three months for just </span><span class="fsL02 fwB fcR">$9</span><span class="fsL02 fwB">.</span><br><br> Limited offer ends soon. </p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/newmodalEndSoon20160421.png" alt="" width="165"></p> </div> <div class="select-btn clearfix"> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN085" class="general-btn" id="subscribe-btn"><span>Subscribe</span></a></p> <p><a href="/web/20160505053713/http://asia.nikkei.com/member/auth/login/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN086" class="login-btn" id="login-btn"><span>Log in</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN087" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(NonLoginCamp)"></div> </div> <div id="insert_modal_gd08_04" class="paywall"> <p class="title">To read the full story, <a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN030" class="ga-subscribe" id="resubscribe">Update your account</a></p> <div class="paywall_inr"> <div class="clearfix"> <div class="txt_l"> <p>We could not renew your subscription.<br>You need to update your payment information.</p> </div> <p class="img_r GCCMD_removeall"><img src="/web/20160505053713im_/http://asia.nikkei.com/static/info/4_D&P_v2_165x110.png" alt="" width="165"></p> </div> <div class="select-btn"> <p class="btn01"><a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN088" class="general-btn" id="resubscribe-btn"><span>Update</span></a></p> </div> <div class="clearfix"> <p class="more GCCMD_removeall"><a href="/web/20160505053713/http://asia.nikkei.com/about?n_cid=NARAN089" class="ga-about" id="about">About Nikkei Asian Review</a></p> <p class="logo"><img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo_modal.gif" alt="NIKKEI ASIAN REVIEW" width="140"></p> </div> </div> <div style="display:none" class="ga" id="IMDMemberOnly(FreeUser)"></div> </div> <div id="modal_gd02_01" class="util"> <h3 class="title">Update your payment information</h3> <div> <p>Your subscription renewal could not be processed. Please update your payment information to continue enjoying the Nikkei Asian Review.</p> <div class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/edit/plan?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN007" class="general-btn" id="resubscribe"><span>Resubscribe now</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDLogin(FreeUser)"></div> </div> <div id="modal-screen_gd02_01"></div> <div id="modal_gd06_01" class="util expiration"> <h3 class="title">Your trial period has expired</h3> <div> <p> Subscribe today to continue enjoying NAR.<br> • Unlimited access to asia.nikkei.com<br> • Unlimited access to NAR mobile and tablet apps<br> • Add delivery of NAR in print each week </p> <div class="login-btn"><a href="/web/20160505053713/http://asia.nikkei.com/member/register/?return_url=/Business/Trends/Multinationals-under-fire-for-tax-avoidance&n_cid=NARAN006" class="general-btn" id="subscribe"><span>See all offers and subscribe</span></a></div> </div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDExpired(TrialUser)"></div> </div> <div id="modal-screen_gd06_01"></div> <div id="modal_gd09_01" class="util expiration"> <img src="/web/20160505053713im_/http://asia.nikkei.com/images/img_logo.png" alt="nikkei asian review"/> <img src="/web/20160505053713im_/http://asia.nikkei.com/images/For_welcome_modal.png" alt="cover"/> <h3 class="title"></h3> <div> <p class="explain"> Nikkei Asian Review is the only publication that brings you Insight about Asia, from the inside out. XXcontractNameXX has enabled you free full access to Nikkei Asian Review. </p> <div class="login-btn"><a href="#" class="general-btn js_close"><span>Close this message</span></a></div></div> <a class="close-btn js_close" href="#">Close</a> <div style="display:none" class="ga" id="MDWelcome(IPUser)"></div> <div style="display:none" class="value" id=""></div> </div> <div id="modal-screen_gd09_01"></div> <div id="footer-script"> <script type="text/javascript"> var page = "1"; if(typeof authority === "undefined"){ var authority = ""; } if(typeof memberId === "undefined"){ var memberId = ""; } if(typeof contractId === "undefined"){ var contractId = ""; } var viewMode = "PC"; </script>  <script type="text/javascript"> var now = new Date(); var pageName = location.href; var channel = "NAR"; var server = document.domain; var pageType = ""; var prop1 = "NAR-Business"; var prop2 = "NAR-Business-Trends"; var prop3 = "Multinationals under fire for tax avoidance"; var prop4 = "114474"; var prop5 = page; var prop6 = now.getHours(); var prop9 = ""; var prop10 = ""; var prop11 = ""; var prop12 = "Not selection"; var prop25 = "Business"; var prop26 = "Latin America"; var prop27 = ""; var prop28 = authority; var prop29 = "1"; var prop30 = getCookie(String(now.getFullYear())+String(now.getMonth()+1)+"vc"); var prop33 = ""; var prop34 = viewMode; var prop35 = contractId; var prop44 = memberId; </script>  <script language="JavaScript" src="https://web.archive.org/web/20160505053713js_/http://parts.nikkei.com/parts/SC/NAR/s_codeNAR20141101.js"></script> <script language="JavaScript" src="https://web.archive.org/web/20160505053713js_/http://cdn.nikkei.com/parts/SC2/s_cDS.js"></script> <script language="JavaScript"> </script> <noscript><a href="https://web.archive.org/web/20160505053713/http://www.omniture.com/" title="Web Analytics"><img src="https://web.archive.org/web/20160505053713im_/http://nikkei.d1.sc.omtrdc.net/b/ss/nikkeicojpgrpmstallprod,nikkeicojpdsmstallprod,nikkeicojpnarprod/1/H.9--NS/0" height="1" width="1" border="0" alt=""/> </a></noscript>    <script> (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//web.archive.org/web/20160505053713/http://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-44606671-1', 'asia.nikkei.com'); // Set custom dimension if(login_flag != "undefined"){ ga('set', 'dimension1', login_flag); } if(authority != "undefined" && authority != ""){ ga('set','dimension2', authority); } if(memberId != "undefined" && memberId !=""){ ga('set','dimension3', memberId); } if( aid != ""){ ga('set','dimension4', aid); } if(viewMode != "undefined"){ ga('set','dimension5', viewMode); } if(contractId != "undefined"){ ga('set','dimension6', contractId); } // Send view ga('send', 'pageview'); // Send event if(NAR_js.isCount == true){ ga('send', 'event', 'Article', 'countUp', 'Article-countUp', NAR_js.user_view_count, {nonInteraction:true}); } if(NAR_js.oneClickFree == true){ ga('send', 'event', 'OneClickFree', 'view', 'OneClickFree-view',{nonInteraction:true} ); } setTimeout("ga('send', 'event', 'unbounce', '15_sec')", 15000); </script> <script> // Twitter api twttr.ready(function (twttr) { twttr.events.bind( 'follow', function (event) { var narURL = window.location.href; ga('send', 'social', { 'socialNetwork': 'Twitter', 'socialAction': 'follow', 'socialTarget': narURL }); ga('send', 'event', 'Twitter', 'follow', 'Twitter-follow',0,{nonInteraction:true}); } ); }); </script> <script type="text/javascript"> /* <![CDATA[ */ var google_conversion_id = 1000997403; var google_custom_params = window.google_tag_params; var google_remarketing_only = true; /* ]]> */ </script> <script type="text/javascript" src="//web.archive.org/web/20160505053713js_/http://www.googleadservices.com/pagead/conversion.js"> </script> <noscript> <div style="display:inline;"> <img height="1" width="1" style="border-style:none;" alt="" src="//web.archive.org/web/20160505053713im_/http://googleads.g.doubleclick.net/pagead/viewthroughconversion/1000997403/?value=0&guid=ON&script=0"/> </div> </noscript> <script type="text/javascript"> window._tfa = window._tfa || []; _tfa.push({notify:"action", name: 'page_view'}); </script> <script src="//web.archive.org/web/20160505053713js_/http://cdn.taboola.com/libtrc/nikkeiasianreview-sc/tfa.js"></script> </div> <script type="text/javascript">_satellite.pageBottom();</script> </body> </html>