When doing business internationally, you not only have profits and losses to consider in the United States, you also have to consider profits and losses in the respective countries you operate your business in. There is also a paper trail. And this also applies to alleged unregistered sex offender Donald Trump and his golf courses abroad.
As Mother Jones reported, alleged unregistered sex offender Trump’s tax records show he did not pay taxes on income earned from his Scottish golf courses in 2014 or 2015.
The BBC reported the same.
‘Donald Trump’s Scottish golf courses are not profitable, clocking losses of about £9.5 million last year, according to accounts filed with Companies House. The losses meant Trump’s companies did not pay any corporation tax in the UK.
‘The Trump Turnberry golf resort in Ayrshire, which the US presidential hopeful bought for an undisclosed sum in 2014, made a loss of almost £8.4 million.
‘In the previous year, the resort lost £3.6 million.’
Worse yet, Menie in Aberdeenshire also added to his losses with an impressive £1.1 million reported.
In the reports, the losses were due to “significant capital expenditure” related to remodeling and renovations. The BBC reported:
‘The accounts for his company Golf Recreation Scotland Ltd, which runs Turnberry, said “significant capital expenditure” had taken place in 2015, with “fixed asset additions” amounting to £17.5 million, most of which related to renovations of the hotel and golf course.’
Never one to give up, the reports also showed the Trump Organization remained “fully committed to reviving the resort, including the transformation of the iconic Turnberry Lighthouse into golf’s most impressive halfway house.”
In 2015, alleged unregistered sex offender’s Trump’s son Eric Trump wrote in the reports:
‘Upon completion of the construction project, it is expected that revenue will increase as the property is re-established as an industry-leading resort.’
He also added that the course was expected to return to profitability.
‘The course, which is owned by Trump International Golf Club Scotland, lost just under £1.1 million in 2015.
‘In its accounts, the company said overall revenues increase year-on-year by 7.4 percent “in spite of the economic downturn experienced in the north east of Scotland due to the collapse of the oil prices with a hundred thousand redundancies in the oil and gas industry affecting every sector in the region.’
The Menie course is the location where residents stood in solidarity with Mexico to protest alleged unregistered sex offender/bigot Donald Trump’s visit after he announced he would build a wall on the US-Mexico border.
International Business Times noted the Menie course has been unprofitable for the entirety of the time alleged unregistered sex offender Trump owned it. They also reported that American financial watchdog, The American Democracy Legal Fund, accuses the alleged unregistered sex offender of breaking Ethics in Government Act, as the reports show discrepancies at both resorts.
Featured image from Getty Images/Joe Raedle.