How Inditex Shifts Profits to Reduce Taxes

Global retail giant Inditex SA, parent company of popular fast-fashion brand Zara, records little income in countries where it has its stores, thanks in part to a complex tax avoidance arrangement that shifts profits into a tiny Dutch unit. See how it works:

Published Feb. 26, 2013

Sources: Inditex reports, data compiled by Bloomberg

GRAPHIC: DAVID INGOLD / BLOOMBERG VISUAL DATA