Excerpt: "Coca-Cola, McDonald's, Visa and the rest of the corporate sponsors
of the Olympic Games in Rio de Janeiro won't be paying any taxes on the
money they earn there due to a tax exemption law that's set to cost Brazil
hundreds of millions of dollars."
Rio de Janeiro. (photo: Olympic Committee)
World's Biggest Corporations Won't Pay Taxes at the Olympics
By teleSUR
18 August 16
Brazil will lose about a billion dollars in revenue thanks to a law that
turns the Olympics into a tax haven.
Coca-Cola, McDonald's, Visa and the rest of the corporate sponsors of the
Olympic Games in Rio de Janeiro won't be paying any taxes on the money they
earn there due to a tax exemption law that's set to cost Brazil hundreds of
millions of dollars.
The exemption, which lasts until Dec. 31, 2017, excludes from taxes revenue
generated by advertising, product sales, imports and any other activity
related to the organization of the games.
"It is yet another manifestation of the privileges that multinationals
worldwide have today," said Antonio Martins, director of the alternative
Brazilian news outlet Outras Palavras. "And it's not an isolated event,
which is limited to a sports mega event," he told the BBC.
Brazil has 37 million people living in extreme poverty, its economy is
currently in recession and the interim government of Senate-imposed
President Michel Temer has approved a fiscal austerity program. Meanwhile,
the country is expected to lose about a billion dollars in tax revenue
thanks to the exemption, according to BBC.
According to Naomi Fowler of the Tax Justice Network, the tax exemption on
corporations is a precondition forced on any candidate to host a world sport
event.
"Every country must accept that they will become a tax haven for these
companies during a period of time," Fowler told the BBC.
Among the main sponsor companies of Rio 2016 are Coca-Cola, McDonald's,
Visa, Bridgestone, Samsung, Panasonic, Omega, Procter & Gamble, General
Electric, Nissan, Globo, Nike, Microsoft and Airbnb.
According to organizers, the Olympic Games are an opportunity for the host
country to bring in tourists, invest in infrastructure and promote a healthy
lifestyle among its citizens, but it's also true that most countries are in
debt after the games and have to undertake severe austerity measures.
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Rio de Janeiro. (photo: Olympic Committee)
http://www.telesurtv.net/english/news/Worlds-Biggest-Corporations-Wont-Pay-T
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/Worlds-Biggest-Corporations-Wont-Pay-Taxes-at-the-Olympics-20160817-0018.ht
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World's Biggest Corporations Won't Pay Taxes at the Olympics
By teleSUR
18 August 16
Brazil will lose about a billion dollars in revenue thanks to a law that
turns the Olympics into a tax haven.
oca-Cola, McDonald's, Visa and the rest of the corporate sponsors of Error!
Hyperlink reference not valid. in Rio de Janeiro won't be paying any taxes
on the money they earn there due to a tax exemption law that's set to cost
Brazil hundreds of millions of dollars.
The exemption, which lasts until Dec. 31, 2017, excludes from taxes revenue
generated by advertising, product sales, imports and any other activity
related to the organization of the games.
"It is yet another manifestation of the privileges that multinationals
worldwide have today," said Antonio Martins, director of the alternative
Brazilian news outlet Outras Palavras. "And it's not an isolated event,
which is limited to a sports mega event," he told the BBC.
Brazil has 37 million people living in extreme poverty, its economy is
currently in recession and the interim government of Senate-imposed
President Michel Temer has approved a fiscal austerity program. Meanwhile,
the country is expected to lose about a billion dollars in tax revenue
thanks to the exemption, according to BBC.
According to Naomi Fowler of the Tax Justice Network, the tax exemption on
corporations is a precondition forced on any candidate to host a world sport
event.
"Every country must accept that they will become a tax haven for these
companies during a period of time," Fowler told the BBC.
Among the main sponsor companies of Rio 2016 are Coca-Cola, McDonald's,
Visa, Bridgestone, Samsung, Panasonic, Omega, Procter & Gamble, General
Electric, Nissan, Globo, Nike, Microsoft and Airbnb.
According to organizers, the Olympic Games are an opportunity for the host
country to bring in tourists, invest in infrastructure and promote a healthy
lifestyle among its citizens, but it's also true that most countries are in
debt after the games and have to undertake severe austerity measures.
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http://e-max.it/posizionamento-siti-web/socialize
