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Mexico probes PyG and Hasbro

Friday, September 26, 2014

The world's largest household product maker Procter & Gamble and No. 2 toymaker Hasbro are at the heart of a Mexican probe into tax avoidance that could cost the firms hundreds of millions of dollars in back-taxes between them.

In January, Mexico said it had launched a probe of 270 companies for allegedly exploiting tax loopholes that have leaked income out of Mexico for years.

Mexico, a haven for auto manufacturers and light assembly plants, has the lowest tax take in the Organisation for Economic Co-Operation and Development, OECD, crimping its ability to spend on programs vital to boosting economic growth and living standards.

Source: Reuters