Accenture settles Lux Leaks tax claim for $200m

Global technology and outsourcing conglomerate Accenture has paid Swiss authorities around $200 million over tax claims prompted by the International Consortium of Investigative Journalist’s Lux Leaks investigation.

The settlement comes just months after the company informed shareholders it had no case to answer over a 2010 asset transfer.

“If the Swiss tax authorities were to prevail in this matter, taxes could be due, plus interest and possible penalties, which could be material,” it acknowledged in a US filing in early 2017. “We strongly disagree with the assertions made and while we intend to cooperate with the Swiss tax authorities, we will vigorously defend our position.”

Lux Leaks revealed how many of the world’s largest corporations, including Amazon, Apple, IKEA and Pepsi, cycled billions of dollars through Luxembourg because the tiny nation offered them tax favors that allowed them to avoid paying huge amounts of tax to other European countries.