Thursday, April 30, 2020
Cirque du Soleil Controlled from a Tax Haven
www.cirquefascination.com: Cirque du Soleil is owned by the limited partnership “Société à Gestion Cirque du Soleil SEC” which has its head office in Montreal, since the founder, Guy Laliberté, ceded control of his empire in 2015. The problem? Who holds the controlling position of said limited partnership? It is the US mega private fund TPG, from Texas, with 55% of the shares. How does it exercise control? Through “CDS Luxembourg Holdings S.à rl, Société à responsibility”, which company is located in Luxembourg, recognized worldwide as a haven for light taxation.
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I’ve seen a fair amount of discussion about multinational companies avoiding taxes by having themselves listed as from a specific country. Cruise ships were the main attraction type that I’ve seen the media talk about. Setting the holding company up in another country to avoid taxes seems like a really low move. Especially topping it off by asking for specific financial assistance from a government that they are purposely avoiding paying taxes to. The other corporation that does stuff like this are sports teams, who tend to demand things from cities with the threat of leaving and taking their economic stimulus with them. Multi Million dollar corporations should be able to make an investment in local stadium infrastructure because it’s a lucrative business as opposed to expecting taxpayers to subsidize them. Amazon also pulled a stunt like this, choosing to put it’s secondary headquarters wherever would give them the largest tax breaks.
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