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Thursday September 29th, 2022 8:17AM

McDonald's to pay France $1.3 billion in tax fraud case

By The Associated Press

PARIS (AP) — McDonald’s France and related companies have agreed to pay over 1.2 billion euros ($1.3 billion) to the French state to settle a case in which the fast-food giant was accused of years of tax evasion.

A Paris court approved the settlement Thursday, the French national financial prosecutor’s office said. McDonald's said the settlement was the result of “productive discussions” with French tax authorities.

The decision means a tax fraud investigation targeting the company, opened after a legal complaint by unions in 2016, will be closed.

The prosecutor’s office said McDonald’s France, McDonald’s System of France, MCD Luxembourg Real Estate and other related companies agreed to pay a total of 1.24 billion euros ($1.29 billion) in fines, penalties and back taxes to settle the case after years of negotiations.

The company was accused of hiding French profits in lower-tax Luxembourg from 2009-2020, and reporting artificially low profits in France.

McDonald’s Corp. said in a statement that it had already paid 2.2 billion euros in taxes over that period. It did not comment on the accusations.

“The majority of the anticipated tax settlement has already been accrued for” and was reflected in the company's last quarterly earnings, and the remainder will be reflected in its second-quarter results, the company said.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Corporate News
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