He said the reportвЂ™s finding that Walmart placed $64.2bn assets under control of Luxembourg-registered companies was вЂњwrongвЂќ but was unable to provide a correct figure. Hargrove dismissed the overall report as вЂњincomplete, erroneous information designed to mislead readersвЂќ. There is a seven-hour time difference between Luxembourg and Tokyo.

He also said Luxembourg had a favourable time zone for managing its international affairs.

The spokesman, Randy Hargrove, told the Guardian that Walmart used its Luxembourg office to manage its affairs because вЂњmany banks are headquartered there, and the people are well educatedвЂќ. It claims that WalmartвЂ™s Luxembourg operations paid less than 1% in tax on profits of more than $1.3bn between 20.ДЄ spokesman for Walmart, denied that the company passed its overseas profits through Luxembourg in order to avoid tax. The authors claimed WalmartвЂ™s global empire keeps billions of dollars of assets away from the prying eyes of the taxman via a network of shell companies in Luxembourg, the Netherlands and a host of Caribbean countries known for their low taxes.ДЄccording to the report, since 2011 Walmart has transferred ownership of its stores in Brazil, Japan, Puerto Rico and South Africa to Luxembourg. The study, published by campaign group Americans for Tax Fairness and funded by the United Food and Commercial Workers International Union, alleged that Walmart has вЂњkept its tax haven subsidiaries secretive by burying mention of their existenceвЂќ.

Walmart hid $76bn of assets in tax havens across the world, including $64.2bn managed by 22 different subsidiaries in Luxembourg, where Walmart has no stores, according to a study published on Wednesday.

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