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Mercuria Energy Group reported over $1 billion in profit for the 12 months ending in September but paid nearly zero tax on that income, according to financial accounts viewed by Bloomberg News. The massive discrepancy between earnings and tax liabilities highlights how global commodity traders exploit offshore structures and tax jurisdictions. While the company operates internationally, the minimal tax bill suggests complex accounting strategies, potentially involving jurisdictions with favorable tax treaties or loss carry-forwards from previous years. This case underscores ongoing concerns about corporate tax avoidance among major energy firms, despite high profitability driven by volatile energy markets.
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