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Turquoise Hill Resources routed its investment in one of the world’s largest copper deposits through Luxembourg, avoiding $559 million (U.S.) in Canadian corporate tax between 2010 and 2016, according to a new report. A company spokesperson says the arrangement was approved by the CRA.
A Canadian mining company operating in one of the world’s biggest copper deposits has avoided more than half a billion dollars in Canadian tax over the last seven years, according to a report released Wednesday.
By using a complex network of tax haven subsidiaries and lending money to itself at high interest rates, Turquoise Hill Resources has also deprived the government of Mongolia — where the mine is located — of an additional $230 million …
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