LuxLeaks, SwissLeaks and now Panama Papers

Seems like tax avoidance is becoming something of an issue in Belgium. Following the Panama Papers scandal, which broke on 3 April 2016, Belgian media reported that the names of 732 Belgians were found on financial documents which have leaked from the Panamanian law firm Mossack Fonseca.

Allegedly, these people are involved in financial packages to Panama to avoid paying taxes.

Among them were also members of the de Spoelberch family, one of AB-InBev’s major shareholders. They are de Spoelberch Rudolph (58), Patrice (37 years) and Alexis de Spoelberch Bailo (34 years), according to several Belgian media.

Their vehicles are called Retro Marketing Corp., Rolph Marketing Corp., Greyberg Holdings Corp. and Artistissimo

When Belgian media approached AB-InBev’s press office, they were told that the family shareholders did not wish to respond to media questions.

The family de Spoelberch has already made headlines in connection with LuxLeaks and SwissLeaks.

On 3 April 2016 the Belgian Minister of Finance Johan Van Overtveltdt said he will ask the Special Tax Inspectorate (ISI) to investigate the identity of individuals and companies involved and the nature of financial arrangements that were put in place.

For its part, AB-InBev was in the media in January 2016 when the European Commission declared that the brewer and 33 other multinationals received sweetheart tax deals from Belgium so generous as to amount to illegal state aid. The European Commission has ordered Belgium to revise its tax settlements with the companies concerned, charging them combined additional taxes of about EUR 700 million (USD 800 million).

Essentially, the European Commission is defining preferential tax deals granted to multinationals as state aid (or illegal subsidies) by EU governments if other companies cannot ordinarily expect them.