DUBLIN: Subsidiaries in Luxembourg of Irish food group Glanbia reported more than €40 million in profits last year but paid just €200,000 in tax, according to accounts filed in the tiny EU member state.
The tax paid equates to a rate of about 0.5 per cent. The companies had no employees and had assets at year’s end of €1.3 billion. One of the effects of the companies’ operations was to reduce the group’s tax bills in Ireland and the United States.
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The subsidiaries, Glanbia Luxembourg, Glanbia Luxfin and Glanbia Luxinvest, featured in last year’s Luxleaks revelations about companies that negotiated controversial tax deals with the authorities in Luxembourg by way of the local offices of PwC.
The largest of the subsidiaries, Glanbia Luxembourg SA, had assets of $1.04 billion at the end of November 2014, recorded a profit of $26.1 million and paid just $171,121 in tax, the accounts show.
