Cash Investigation Probes DSK’s Tax Strategies and Moroccan Business Dealings

"DSK, investigation into a man of influence." This is the title of the "Cash Investigation" magazine that will be broadcast this Thursday, October 7 at 9 pm on France 2. The program is devoted to the former French Minister of Economy, Finance and Industry, who is said to have made huge tax savings by creating the company Parnasse International in Morocco in 2013 under a special tax regime granted to foreign companies registered in the Casablanca City Finance (CFC) free zone. These are exempt from corporate income tax for five years, reports France Info.

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Thus, from 2013 to 2018, i.e. over five full fiscal years, the Parnasse International company saved "6,163,000 euros in corporate income tax that it would have had to pay if it had been domiciled in France," notes tax specialist economist Ano Kuhanathan, based on the company’s financial statements to which "Cash Investigation" had access. The former head of the International Monetary Fund (IMF) had also provided his expertise to the Moroccan government during the formalization of the legal framework of the CFC, the same source informs, specifying that for this service, the Parnasse company received a remuneration of 2.4 million euros.

The creation of the CFC led to Morocco being listed by the European Union on the grey list of tax havens for four years.