To: Mary Jo White, SEC Chair
SEC Should Demand Full Disclosure of Walmart's Offshore Subsidiaries in Tax Havens
American taxpayers deserve a greater degree of transparency and demand full disclosure of Walmart's offshore subsidiaries and how much the company is avoiding in taxes.
We are calling on the SEC to determine if Walmart is skirting the law when it comes to reporting its use of tax havens and using these tax havens to avoid paying taxes. Average Americans and small businesses have to make up the difference when Walmart doesn’t pay its fair share.
Why is this important?
Walmart has built a vast, undisclosed network of 78 subsidiaries and branches in 15 overseas tax havens. These may be used to minimize foreign taxes where Walmart has retail operations and to avoid U.S. taxes on those foreign earnings. These tax-haven subsidiaries have remained largely invisible, in part because Walmart does not list them in its annual 10-K filings with the U.S. Securities and Exchange Commission (SEC).
Ask Mary Jo White, SEC Chair, to demand full disclosure of Walmart's offshore subsidiaries in tax havens and how much Walmart may be avoiding in taxes.