Microsoft reportedly owes Denmark $1bn in taxMarch 4, 2013 - 15:21 AMT PanARMENIAN.Net - In 2002, Microsoft purchased Navision from the Danish firm Navision A/S for around 5.6 billion kroner ($1.3 billion). Navision was later turned into Microsoft Business Solutions (later rebranded Microsoft Dynamics NAV), one of the most profitable parts of the Microsoft empire. Shortly after Microsoft purchased Navision, they moved the legal rights to Ireland in an attempt to cut down on tax expenditure, according to Neowin. A report by Danish news outlet, DR Forsiden, has shown that Microsoft could be asked by the Danish government for up to $1 billion in tax from the Navision deal. Lars Kiertzner, a professor at the Copenhagen Business School and an expert on accounting, described the case as "remarkable", before saying it's "definitely one of the biggest [they've] seen." The report goes on to say that all the accounting was handled by Microsoft U.S., with the Danish arm having very little do with it. In an effort to avoid tax, Microsoft set the value of the company too low. Microsoft moved Navision's legal rights to Ireland, which has a lower rate of tax. Navision as an Irish company is partly owned by companies in Bermuda and the British Virgin Islands, which are both tax havens. Microsoft's Dynamics NAV divisions employ 600 people in Denmark, with an annual revenue of about $10 billion, roughly 7.4% of Microsoft's total yearly revenues, Neowin says. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |