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French prosecutor proposes McDonald’s pay 1.245 billion euros to settle tax dispute

06/16/2022

Less than a minute

2022.06.16 12:37

French prosecutor proposes McDonald's pay 1.245 billion euros to settle tax dispute
FILE PHOTO: The logo of a McDonald’s restaurant is seen in Bordeaux, France, June 18, 2018. REUTERS/Regis Duvignau/File Photo

PARIS (Reuters) – A French public prosecutor recommended that McDonald’s (NYSE:MCD) pay around 1.245 billion euros ($1.29 billion) in fines and back taxes to settle a tax dispute in France, a court heard on Thursday.

The case centers on allegations, which first surfaced in 2014, that the giant U.S. burger chain diverted profits made in France to Luxembourg to pay lower taxes.

The company’s lawyers said they agreed with the proposed settlement.

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06/16/2022

Less than a minute