• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

McDonald’s to pay France huge sum in tax fraud case

The company was accused of hiding French profits in lower-tax Luxembourg from 2009 to 2020, and reporting artificially low profits in France.

Joe Mellor by Joe Mellor
2022-06-16 15:13
in Business
Credit:PA

Credit:PA

FacebookTwitterLinkedinEmailWhatsapp

McDonald’s France and related companies have agreed to pay more than 1.2 billion euros (£1 billion) to the French state to settle a case in which the fast-food giant was accused of years of tax evasion.

A Paris court approved the settlement on Thursday, the national financial prosecutor’s office said.

McDonald’s said the settlement was the result of “productive discussions” with tax authorities.

The decision means a tax fraud investigation targeting the company, opened after a legal complaint by unions in 2016, will be closed.

Luxembourg

The prosecutor’s office said McDonald’s France, McDonald’s System of France, MCD Luxembourg Real Estate and other related companies agreed to pay a total of 1.24 billion euros in fines, penalties and back taxes to settle the case after years of negotiations.

The company was accused of hiding French profits in lower-tax Luxembourg from 2009 to 2020, and reporting artificially low profits in France.

McDonald’s said in a statement that it had already paid 2.2 billion euros (£1.8 billion) in taxes over that period. It did not comment on the accusations.

“The majority of the anticipated tax settlement has already been accrued for” and was reflected in the company’s last quarterly earnings, and the remainder will be reflected in its second-quarter results, the company said.

Related: Bonuses in City ‘at record high’ as ‘demoralised’ nurses ‘driven out’ of profession

RelatedPosts

How to Promote a Business Online: Strategies That Work

The future of e-commerce: an interview with James Pitts-Drake 

Wetherspoon sales under pressure with costs ‘substantially higher’

Billionaire fashion ower gives company away to ‘Earth’ as rocketman Bezos sees Amazon workers vote on strike

Content Protection by DMCA.com

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

Elevenses: Fear and Loathing in the New Conservatives

More from TLE

Power restored in some areas amid New York heatwave

28°-50°, a new wine-focussed restaurant and bar in South Kensington

Is Venezuela a dictatorship?

Tory MP Lucy Allan claims ‘privileged’ junior doctors ‘hold the NHS to ransom’

The London Bridge attack: Creating a positive legacy from a faceless statistic

LATEST: This week’s Tube Strike – All You Need To Know To Survive The TfL London Underground Strike

Wealthy US financier Jeffrey Epstein facing sex trafficking charges

Town’s scheme to help drug addicts hailed as ‘a chance in a lifetime’

Tottenham Hotspurs trio take on 100 children in 3 v 100 challenge

Gun safety clamour as 9 dead in Ohio in 2nd major US mass shooting in 24 hours, the 22nd this year

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.