MPs angry about ING Swiss tax dodge
Tuesday 23 March 2010
MPs from across the political spectrum have asked caretaker finance minister Jan Kees de Jager to comment on revelations that ING is avoiding paying value added tax by diverting contracts through Switzerland.
On Monday, the Financieele Dagblad reported that ING is saving tens of millions of euros in tax by using the Swiss connection to pay for work carried out in the Netherlands. ING has had a €10bn bail-out from the treasury to help it cope with the financial crisis.
'This bank is being supported by the tax payer and then tries to dodge tax,' said Labour MP Paul Tang. 'I do not know if ING is actually breaking the law but it is in contravention of the spirit of the law. Dutch tax has to be paid over Dutch operations.'
© DutchNews.nl
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"Dutch tax has to be paid over Dutch operations" -- that's probably what ING did. VAT (being a different animal altogether) has to be paid over value added. ING chose to add that value in Switzerland, and probably for very good reasons (Swiss quality versus Dutch quality when it comes to services)...
By Peter T | March 23, 2010 2:03 PM