The TMNT Are Allegedly At The Center Of A $2 Billion Tax Fraud Scheme

[Xav]

In the suit, the executive accused Viacom of “hatching a plan to attribute” the revenue from the popular franchise “Teenage Mutant Ninja Turtles” to the Netherlands for tax advantages. While the rights to the franchise are owned by a Dutch entity, “all of the business concerning those rights took place in New York,” the suit read. “The sole purpose of transferring the licensing rights to the Netherlands company was to avoid the U.S. tax burden,” the suit added.

The study noted that Viacom transferred its intellectual property rights to a subsidiary in Britain in 2015 while keeping the Dutch entities (operating as a subbranch of the British unit) as the jumping-off point for selling foreign rights.

The transfer — essentially a sale from one Viacom subsidiary to another — created a tax benefit, the study said. The transaction was worth $1.8 billion, according to company records cited by the study, a sum it can amortize over many years.

https://uproxx.com/movies/teenage-mu...-transformers/

[Andrew NDB]

http://forums.thetechnodrome.com/showthread.php?t=64005