Wells Fargo found liable for penalties under abusive tax shelter scheme

Anjana Haines

May 26 2017

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A federal court in Minneapolis, US, has found financial institution Wells Fargo liable for a 20% negligence penalty in connection with $350 million of foreign tax credits that it claimed while participating in an abusive cross-border tax shelter, but it wasn’t all bad news for the bank.

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Anjana Haines

Managing editor ITR

Anjana manages ITR’s online and print coverage, alongside the publication’s awards and events worldwide. She covers all areas of corporate tax matters, but particularly disputes, transfer pricing arrangements and tax treaty analysis.

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