Brazilian Banks Cut Secret Deal with Luxembourg to Save $90.2M in Tax

PricewaterhouseCoopers helped three Brazilian banks use Luxembourg’s accommodating tax regime to claim write offs for “intangible assets” that allowed them to sidestep nearly $90 million in taxes between them in Brazil, according to an analysis of leaked records by Folha de S. Paulo. The documents prepared by PricewaterhouseCoopers for Bradesco,…