The Sheraton Brussels Hotel, which was made subject to insolvency proceedings last week, features within a complex tax arrangement revealed as part of the Bahamas Leaks scandal. This is reported today (Tuesday) in De Tijd and Knack.
The International Consortium of Investigative Journalists (the ICIJ) has, in the past month, published data relating to more than 175,000 offshore companies in The Bahamas.
All such companies were created between 1990 and 2016.
Amongst these documents was a tax arrangement concerning the Sheraton Brussels Hotel.
Following the audit trail, this arrangement led from Belgian companies who were receiving particular licence fees and franchise revenues to various Luxembourg addresses.
These amounts might firstly travel from Belgium to Luxembourg avoiding tax, before leaving for tax havens such as The Bahamas, avoiding tax again, being tantamount to double tax avoidance.
The tax rate is nil in The Bahamas.
Income could be flexibly redistributed from The Bahahmas to all global hotels with the group.