Banking and Investment Funds: Tax evasion

A survey of German Federal Finance Ministeries by the ‘Süddeutsche Zeitung’ showed that a loophole within the tax system was being severely exploited by German financial institutions until it was modified in 2012. This loophole allowed banks and their business partners to receive several times the value of one capital gains payment. In the Bundesland Hessen investigations discovered up to 30 cases with an estimated value of 979 Million Euros.   ... →

Vale S.A. : Contestation over unpaid royalties

Tax Avoidance in Brazil

In a dispute over unpaid royalties, Vale S.A. and the Brazilian authorities finally reached an agreement. Vale, the world´s largest iron-ore producer and the second biggest nickel-producer, had to pay around 4 billion Brazilian reais (approximately 2,22 billion $). This request of the Brazilian authorities initially concerned royalties for the period from 1996 to 2002 and was related to profits of Vale´s non-Brazilian subsidiaries and affiliates.   ... →

Barrick Gold and AngloGold Ashanti (AGA): profiting from deception and depriving Tanzania

Fraud and tax avoidance Tanzania

Tanzania, located atop 45 million ounce of gold, economically valued at US$39 billion, is Africa’s third largest gold producer. Barrick Gold and AGA are primarily involved in operating Tanzania’s gold mines, with exports amounting to US$2.5 billion in gold during the past five years while the government has accrued just US$21–US$22 million per annum on average.   ... →