Category: F-J
Amazon services arm pays £14m in UK taxes despite revenues of nearly £3bn
Amazon’s (AMZN) UK services arm paid just £14.5m ($16.1m) in UK corporate taxes in 2019 despite generating revenues of nearly £3bn in the country, according to the company’s latest accounts. ... - Continue reading
France sees EU digital tax solution in 2021
GAFA group -- Google, Apple, Facebook and Amazon, please take note! ... - Continue reading
Facebook to pay $125 million in back taxes to France
Earlier, France had decided to take the bull named digital tax by its horns, and now it is reaping the benefits. ... - Continue reading
Tech companies rejected by top court on tax breaks
The U.S. Supreme Court refused to question a ruling that technology companies including Facebook Inc. and Google say will cost them billions of dollars in taxes by limiting deductions for stock payments to employees. The justices without comment Monday turned away an appeal by Intel Corp.’s Altera unit, which challenged… – Continue reading
Why ‘Digital Taxes’ Are the New Trade War Flashpoint
A further discussion on the possible treatment of digital taxes in today's world where it has its hugest economic presence. ... - Continue reading
UK seeks to raise £500m from digital services tax
The United Kingdom unwilling to forsake revenue generated from the digital industry. ... - Continue reading
India wants fair share of $100 billion global taxes from Google, Facebook
The digital world continues to be under the lens of the OECD as India further pushes for better 'tax collection' methodology. ... - Continue reading
GTBank Urges FG to Introduce Structural Reforms
The recurring inability of government to achieve its projected non-oil revenues over the years points to the need for urgent structural reforms, a report by Guaranty Trust Bank Plc (GTBank) has stated. The bank stated this in its 2020 macroeconomic and banking sector outlook, obtained yesterday. It stressed the need… – Continue reading
Google to pay A$481.5m in major win for Australian Tax Office
Search engine giant’s settlement brings to A$1.25bn the amount collected from ecommerce players ... - Continue reading
How major tech companies exploit tax laws: A focus on Ghana and Nigeria
When World Trade Organisation (WTO) officials designed the territorial taxing rights back in the 1920s, not many people imagined that a century later; these guidelines would still underpin the international tax system. Today, highly digitalised companies such as Facebook and Google are able to operate internationally from their tax havens,… – Continue reading
HSBC Swiss unit to pay $192 mln in latest U.S. tax evasion deal
Trouble for the Swiss private banking unit of HSBC Holdings Plc HSBA.L. ... - Continue reading
New study deems Amazon worst for ‘aggressive’ tax avoidance
The big six US tech firms have been accused of “aggressively avoiding” $100bn (£75bn) of global tax over the past decade. ... - Continue reading
Will Samsung, Hyundai have to pay digital tax overseas?
Big changes ahead : Samsung Electronics, LG Electronics and other top-tier South Korean companies might have to pay corporate taxes even in countries where they have no physical presence. Here's how. ... - Continue reading
G20 finance ministers reaffirm support to tax digital companies
G20 finance ministers support taking the 'Unified Tax Framework' a notch higher - Multinational enterprises like Google, Facebook and Amazon with huge customer base to retain share of profits in concerned countries. ... - Continue reading
The Fiat and Starbucks state aid tax cases: an absolute loss for legal certainty.
In late September, the EU General Court released its decisions in two long-awaited state aid appeals: Fiat (cases T-755/15 Luxembourg v Commission and T-759/15 Fiat Chrysler Finance Europe v Commission) and Starbucks (cases T-760/15 Netherlands v. Commission and T-636/16 Starbucks and Starbucks Manufacturing Emea v. Commission). ... - Continue reading
EU court backs use of arm’s length principle to assess Starbucks, Fiat APAs for state aid violation
The EU General Court today released long-awaited rulings in the Fiat and Starbucks tax state aid cases, concluding in both decisions that it is appropriate for the European Commission to assess whether an advance pricing agreement (APA) confers a selective advantage to a taxpayer for state aid purposes by referring to the arm’s length principle. ... - Continue reading
UK: HSBC Is Paying Hundreds Of Millions To Settle Tax Fraud Allegations
HSBC's Swiss private banking arm has agreed to pay nearly 300 million euros to settle a tax fraud case in Belgium. The settlement comes six months after a French court ordered another Swiss lender, UBS, to pay 4.5 billion euros for illegally solicitin ... - Continue reading
Tax Office Investigating Individuals, Corporations for Offshore Tax Evasion Allegations
The National Tax Service has launched an investigation into 104 individuals and corporations suspected of offshore tax evasion.The National Tax Service of South Korea launched an investigation targeting 104 individuals and corporations suspected of offshore tax evasion. The number is likely to increase over time. The targets include Orion Holdings… – Continue reading
Africa’s problem with tax avoidance
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account? NGOs continue to raise the alarm. African countries are being cheated out of billions in… – Continue reading
Tax Netflix and other e-commerce companies, say Canadians and CRA professionals
OTTAWA, Feb. 21, 2019 (GLOBE NEWSWIRE) — The federal government needn’t worry about a consumer backlash to a sales tax on Canadians’ Netflix accounts, if newly released results from an Environics Research poll and a separate survey of Canada Revenue Agency (CRA) tax professionals are any indication, says the Professional… – Continue reading
Ikea Being Investigated for Dodging Taxes of More than $1.1 Billion
According to a Green party report in the European Parliament, Ikea has been accused of tax dodging for as much as 1 billion euros or $1.1 billion in its taxes from 2009 to 2014. The political organization has accused the retailer of a large scale avoidance of taxes. In the… – Continue reading
OECD moves toward consensus on taxing multinational tech companies
The Organization for Economic Cooperation and Development is making progress on dealing with the tax challenges of the digital economy with a goal of arriving at a new consensus-based long-term solution in 2020. The OECD announced last week that the countries and jurisdictions participating in the OECD/G20 Inclusive Framework on… – Continue reading
Steven Gerrard sues HSBC for £100m over tax schemes
Rangers manager Steven Gerrard is taking legal action against his wealth manager following a crack down on tax avoidance schemes. The former Liverpool captain is among hundreds of investors who have launched a £100m lawsuit against HSBC’s private banking division, claiming it defrauded them, The Times has reported. Composer Lord… – Continue reading
Austria to Introduce Tax on Tech Giants With Annual Revenues Over $864Mln – Kurz
VIENNA (Sputnik) – The Austrian government will introduce a 3-percent tax on international tech giants with an annual turnover exceeding 750 million euros ($864 million), Austrian Chancellor Sebastian Kurz said on Thursday. “Europe currently does not have taxation of digital Internet giants and Austria intends to become a pioneer in… – Continue reading
Australian corporate tax takes up 20 percent: data
CANBERRA, Dec. 13 (Xinhua) — The amount of tax paid by Australia’s biggest companies has risen 20 percent in a single year, data has revealed. According to the Australian Taxation Office (ATO) ‘s corporate tax data for financial year 2016-17, which was released on Thursday, the nation’s 1,470 biggest companies… – Continue reading
EU finance ministers need to deliver: Digital companies must pay tax
When European finance ministers meet on Tuesday (4 December), they should swiftly adopt the digital service tax: a levy on turnover for very large digital firms such as Google, Apple, Facebook, Amazon, Booking and Spotify, write Udo Bullmann and Paul Tang. Udo Bullmann is president of the Socialist and Democrats… – Continue reading
US multinationals dodge $180 billion in taxes on foreign profits per year
US multinational corporations are plundering the populations of the United States and the world to the tune of trillions of dollars by driving down and evading taxes on profits booked overseas. This is the conclusion that emerges from a recent study by University of California at Berkeley economist Gabriel Zucman… – Continue reading
Britain to start taxing big internet companies
LONDON — Britain’s Treasury chief unveiled Monday a new tax on big internet companies’ revenues, insisting it is time that the global tech giants with profitable business in the United Kingdom pay their fair share for public services. Philip Hammond made the announcement as he outlined his budget, explaining that… – Continue reading
Germany urges global minimum tax for digital giants
FRANKFURT AM MAIN: German Finance Minister Olaf Scholz in an interview said he backed a global minimum fiscal regime for multinationals as Europe looks to levy tax notably on US tech giants. “We need a minumum tax rate valid globally which no state can get out of (applying),” Scholz, a… – Continue reading
IRS weighs easing tax-free spinoff rules
The Internal Revenue Service is considering relaxing the rules for companies to qualify for tax-free spinoffs — a shift that could benefit drugmakers and tech firms with promising early-stage products. The agency said Tuesday it’s looking into whether units should still be required to generate revenue before a spinoff from… – Continue reading
ICICI Bank to raise funds overseas this fiscal
MUMBAI, SEPTEMBER 20 ICICI Bank plans to raise funds through overseas instruments this fiscal, for which its board will meet on September 24. “It will consider offshore fund raising in single or multiple tranches in any currency through public or private placement by way of issuances of debt instruments, certificate… – Continue reading
McDonald’s Luxembourg tax deal not illegal
BRUSSELS (Reuters) – McDonald’s tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the US fast food chain did not pay some taxes was due to the mismatch between US and Luxembourg laws. The decision by the European Commission… – Continue reading
Pharmaceutical giants named and shamed in tax avoidance investigation
Four pharmaceutical giants have been named and shamed for depriving Australia of $215 million a year in tax avoidance. Johnson & Johnson, Pfizer, Merck Sharp & Dohme (MSD Australia), and Abbott – which make household name brands like Band Aid, Baby Oil, Centrum and ChapStick –were found to have unfairly… – Continue reading
Walmart Says It Has Completed Its Tax Obligations In Flipkart Acquisition
Walmart-Flipkart deal will help the government mop up over $1.3 Bn (10,000 Cr) in taxes The payment by Walmart ends the uncertainty regarding $16 Bn transaction tax dues NCLAT wants to know india business models from Walmart, Flipkart US retail giant Walmart has said it has completed all the tax… – Continue reading
A Bird’s Eye View on General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR) is a regulation in European Law on data protection and privacy for all individuals within the European Union (EU). The EU General Data Protection Regulation (GDPR) superseded the UK Data Protection Act 1998 on May 25, 2018. Significant and wide-reaching in scope, the new… – Continue reading
EU Should Challenge Google, Apple, Facebook, Amazon Payment Systems, ECB Says
A European Union board member gave a speech criticizing the weak presence of European fintech businesses in the continent’s own market. The leader’s comments come in response to several major clashes with American multinationals over their unscrupulous practices. Yves Mersch, European Central Bank (ECB) member of the Executive Board, addressed… – Continue reading
Walmart-Flipkart Deal: Income Tax Dept Rejects Plea For Capital Gains Exemption
Income Tax department is also inquiring into some alleged suspicious transactions and investment flow into Flipkart Authorities have demanded a valuation report from Flipkart The international taxation division of the I-T department is currently studying the valuation of Indian assets of Flipkart Singapore At the time when ecommerce company Flipkart… – Continue reading
Facebook, Coke could face tax hit after ruling against Medtronic
Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. Companies including Facebook Inc. and… – Continue reading
Switzerland forced to share information on HSBC Indian clients
Switzerland’s Supreme Court has ordered the country’s authorities to turn over information on HSBC accounts with the Indian government regarding two of its citizens. Both clients had fought the release on the grounds that India’s request for assistance in a tax-dodging probe arose from stolen bank data. The case involved… – Continue reading
Switzerland To Hand Over HSBC Data To India
India is to receive bank account information from HSBC, after Switzerland’s highest court ruled that the bank is obligated to provide data requested where the leaked data has not been purchased. The information was leaked in 2008 by Herve Falciani, who worked for HSBC’s Swiss private bank. The Indian authorities… – Continue reading
European Leaders Press for New Digital Tax at G20 Meeting
European finance officials just wrapped up a G20 summit in Argentina where they pressed for new global rules to better collect tax on digital giants like Google (NASDAQ:GOOGL 1258.15 0.04%), Facebook (NASDAQ:FB 214.67 0.02%), and Amazon (NASDAQ:AMZN 1829.24 0.02%), among others. The European Commision is the executive (read: tasked with… – Continue reading
Facebook Facing Shareholder Scrutiny for Its Offshore Tax Avoidance
In recent months, Facebook CEO Mark Zuckerberg has been hauled before lawmakers in the United States and the European Union to respond to criticism of the company’s privacy policies and sharing of user data. Now the company’s dodgy tax practices are facing increased scrutiny from an even more important source:… – Continue reading
Australian Government planning on digitally taxing Google and Facebook
The Australian federal government has proposed a tax on digital advertising that could raise up to $200 million each year but could have serious consequences for corporate Australia. Scott Morrison, Australia treasurer, mentioned in his budget speech that the $7 billion in sales from Australians to United States owned media… – Continue reading
Facebook under fire in Poland over tax avoidance
Besides facing regulatory pressure in Europe over issues ranging from privacy to antitrust claims to content removal, Facebook has also come under fire from the Polish government amid claims of tax avoidance. “Facebook has not paid a single zloty” in corporate income tax in Poland last year, Entrepreneurship and Technology… – Continue reading
