All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Hasbro agrees to pay Mexican SAT $4.38 million over tax avoidance claims

A spokesperson for US toy company Hasbro announced the company had agreed to pay the Mexican tax authorities (SAT) $65 million ($US 4.38 million) to settle tax avoidance claims. Hasbro is unlikely to be the only multinational to pay up.

In 2014, the SAT announced it was investigating 270 multinationals that, it alleged, had been exploiting legal loopholes to pay less tax in Mexico than was owed, considering the profits made in the country.

Hasbro was investigated by the SAT over its tax arrangements between 2000 and 2013.

The toy company was first reported to be included in the SAT’s investigations in September 2014, along with Procter & Gamble.

In December, the SAT announced it had reached an agreement with an unnamed multinational for a sum equivalent or close to 55% of the company’s sales for one fiscal year.

On February 4, Hasbro announced it had agreed to pay the SAT $65 million ($US 4.38 million) over the tax avoidance claims.

When contacted, the SAT refused to comment on the deal.

more across site & bottom lb ros

More from across our site

This week Switzerland opens consultation on draft legislation to implement the OECD’s global minimum tax rate, while Germany cuts VAT amid the highest inflation rate in decades.
ITR looks into the biggest transfer pricing cases in 2022 including multinational companies McDonald’s, BlackRock, and Rio Tinto.
TP technical leader at ‘big four’ firm KPMG Philip Roper talks to senior reporter Leanna Reeves about how businesses can mitigate the transfer pricing impact of higher interest rates in the UK.
Vikas Garg talks to reporter Siqalane Taho about how regulation, technology and the goods and services tax has affected the manufacturing company.
A major shift is underway in tax as the profession transitions from a mostly accounting and finance sector to a hybrid industry that requires significant IT skills, say tax experts.
The Biden administration is about to give $80 billion to the Internal Revenue Service to enhance the tax authority’s enforcement processes and IT systems.
Audi, Porsche, and Kia say their US clients will face higher prices under the Inflation Reduction Act after the legislation axes an important tax credit for electric vehicle production.
This week Brazil’s former President Luiz Inacio Lula da Silva came out in support of uniting Brazil’s consumption taxes into one VAT regime, while the US Senate approved a corporate minimum tax rate.
The Dutch TP decree marks a turn in the Netherlands as the country aligns its tax policies with OECD standards over claims it is a tax haven.
Gorka Echevarria talks to reporter Siqalane Taho about how inflation, e-invoicing and technology are affecting the laser printing firm in a post-COVID world.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree