Monday, July 07, 2008

O'Reilly Factor Gloat Alert: GE may be in a VAT of Trouble in Brazil

(David Johnston of Tax Notes via TaxProf via Instapundit) The diligence of new Brazilian manager Valter Moriera for General Electric has uncovered potential (and emphasis on potential, note one of the comments defending GE) value added tax fraud by recording sales in rural areas of Brazil (which have low or no VATs) instead of urban areas (with VATs approaching 20%). Apparently, the issue had been known since 1999, but no action was taken until Moriera brought the topic up in 2005.

Too early to tell how this will pan out; the most likely consequence to GE is in Brazil, not the U.S. Will be interesting to see the comparative Fox vs. NBC (a holding of GE) news coverage; Fox has been harsh on NBC/GE in recent months.


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