Category: American International Group (AIG)

Law Case Launched Against European Commission Over Tax Probe Cover-Up

Documentary Evidence European Union lawmakers sitting on the TAXE committee investigating corporate tax evasion in Europe say they have become frustrated at changes to their mandate and the unwillingness of the European Commission to hand over documents for their investigation. The matter is all the more personal as Commission President...

HSBC, JPMorgan may move parts of businesses to Luxembourg – The Times

HSBC Holdings Plc and JPMorgan Chase & Co are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to...

Coutts’ Swiss operation faces German investigation over tax evasion claims

Bank’s subsidiary in Switzerland is already being investigated by US authorities about whether it helped Americans evade tax The venerable Coutts bank, home of the Queen’s personal accounts, has been drawn into the mounting controversy about private banking with an admission that its Swiss arm is under investigation for aiding...

Vestager says will use ‘Luxleaks’ documents in EU tax probe

The European Commission will use the ‘Luxleaks’ documents uncovered by investigative journalists three weeks ago in its ongoing investigation of tax avoidance at the European level, Margrethe Vestager, the EU competition chief, said on Thursday (20 November). The documents, known as the ‘Luxleaks’, showed that more than 300 companies, including...

AIG was avoiding taxes when it was owned by the US government

After the US bailed out the insurance conglomerate AIG in 2008, the company’s employees kept to business as usual—which included setting up complex tax structures to avoid taxes in Europe and Japan. In 2008, the company was on the brink of a bankruptcy that would have created huge losses throughout...

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from the IRS of approximately $38 million.  The refund is allegedly due to an overpayment of...