This content is from: United States
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.
The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2021 Euromoney Institutional Investor PLC. For help please see our FAQ.