Ikea Accused of Dodging More Than $1.1 Billion in Taxes

What's Hot

2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

A report that accuses the furniture giant of massive tax avoidance also calls for reforms to close loopholes and increase transparency in the EU tax structure.

Ikea’s tax practices are under the microscope again. The Swedish home goods giant is accused of dodging more than $1.1 billion in taxes between 2009 and 2014.

According to this report, which was commissioned by the Green Party in the European Parliament, Ikea committed “large scale tax avoidance” by purposefully moving money from its European stores through tax havens in Luxembourg, Liechtenstein and the Netherlands.

In 2014 alone, the report says Ikea’s tax avoidance “amounts to €35 million [$39 million] of missing tax revenues in Germany, €24 million [$26.7 million] in France and €11.6 million [$13 million] in the UK,” it explained. “Countries like Sweden, Spain and Belgium are likely losing between €7.5 [$8.4 million] and €10 million [$11.1 million] as well.”

Ikea maintains that the report is inaccurate.

“We pay our taxes in full compliance with national and international tax rules and regulations,” the Swedish company said in a statement.

Ikea says it paid an effective corporate income tax rate of roughly 19 percent last year, Reuters reported.

The European Commission, the European Union’s top regulator, says it will examine the report, which calls for tax reforms that close up loopholes being used by large corporations.

The European Union is becoming more aggressive in cracking down on corporate tax avoiders. Reuters said the commission recently ordered Dutch and Luxembourg authorities to recover $33.4 million from Starbucks and Fiat Chrysler Automobiles.

Alphabet, Amazon and Apple are also “feeling the heat” from the EU, according to Fortune.

What do you thing about big companies being accused of dodging taxes, even when it’s not U.S. taxes? Share your comments below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 8 Questions You Must Answer Before Tapping a Home Equity Loan

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,018 more deals!