Antalya, Nov. 16: The Group of 20 nations today pledged to adopt sound macroeconomic policies to achieve strong, sustainable balanced growth. The near-term objective would be to support growth, create jobs and put debt as a share of gross domestic product (GDP) on a sustainable path. Data show that several… – Continue reading
Amazon, Facebook and Google in line of fire after committee backs proposals to force multinational corporations to pay tax where they make their sales MEPs have launched a scathing attack on Facebook, Google and Amazon in the European parliament, accusing them of diverting profits worth billions of pounds to low… – Continue reading
The FINANCIAL — Apostle Matthew was a tax collector in Galilee — perhaps the most hated occupation in the ancient world. By quitting his job and deciding to follow Jesus, Mathew accomplished one the greatest transformations possible in a person’s life. Modern tax inspectors are certainly not expected to follow… – Continue reading
* G20 leaders say they will deliver on vow to lift global growth * G20 promise not to surprise markets with policy decisions * World leaders agree to tackle tax dodgers, pledge to cooperate on migrants (Adds details, background) BELEK, Turkey, Nov 15 The heads of the world’s 20 largest… – Continue reading
CORK, Ireland — As lord mayor of this quiet seaside city in southern Ireland, Chris O’Leary seems to have a situation most other local politicians can only dream about. Blue-chip international companies like Apple, Dell and IBM have all set up shop in and around this city, filling newly built… – Continue reading
Ireland has among the lowest taxes in Europe. However, the Organization for Economic Cooperation and Development (OECD) is not impressed. They warned Ireland that it will have to spend more time selling itself in the new era of global tax transparency if it wants to experience meaningful economic growth. OECD… – Continue reading
Chief economist says clampdown on tax avoidance will be ‘negative for Ireland’ Ireland will have to sell itself as more than just a low-tax destination in the new era of global tax transparency, OECD chief economist Catherine Mann has said. She said moves to better align taxable profits with real… – Continue reading
Irish corporation tax returns are behaving oddly: the Department of Finance estimates that they are running €2 billion (74 percent) ahead of forecast for the year. Economist Seamus Coffey has described these figures as “very strange”. Coincidentally (or perhaps not) the global accounts of the Apple corporation revealed an increase… – Continue reading
Apple chief executive Tim Cook said he was feeling “pretty good” ahead of the European Union’s judgement on its Irish tax arrangements, as the company announced 1,000 new jobs in Ireland on Wednesday. Ireland’s tax arrangements with the US tech giant are under investigation by the EU to see if… – Continue reading
‘Special purpose’ approach by accountants hides corporate secrets Amid the maelstrom over the GST, the Senate last night passed what may be the most useful piece of legislation yet to combat multinational tax avoidance. The new law was not carried by the government, whose track record on tackling big tax… – Continue reading
Irish Prime Minister Enda Kenny has defended his country’s low rate of corporation tax, currently set at 6.25 per cent, and Dublin’s arrangements with global corporations which house subsidiaries in the country, reports Digital Look. Over the last decade, major corporations such as Google and Dell have created corporate subsidiaries… – Continue reading
The Powys tax rebellion, led by traders including the town’s salmon smokery, local coffee shop, book shop, optician and bakery, could spread nationwide When independent traders in a small Welsh town discovered the loopholes used by multinational giants to avoid paying UK tax, they didn’t just get mad. Now local… – Continue reading
Where the likes of Google and Starbucks avoid paying huge amounts of tax in the UK by being registered in tax havens, this town is using the same accountancy loophole A whole town of independent traders in Wales are turning the tables on tax loopholes used by the world’s largest… – Continue reading
Measures to control corporate tax avoidance to be presented at Antalya summit The final package of measures proposed by the OECD as part of its base erosion and profit shifting (Beps) project will be presented to G20 leaders in Turkey this weekend. The new Beps rules are designed to improve… – Continue reading
FRANKFURT (The Street) — Europe’s allure as a tax haven for U.S. multinationals may be coming to an end. That’s because European Union regulators are closing up tax loopholes that U.S. companies have been enjoying for years. The first two to feel the heat are Starbucks (SBUX – Get Report)… – Continue reading
British MEP Anneliese Dodds has accused national governments of hampering progress in tackling corporate tax dodging, warning that EU capitals are “far too focussed on their own self-interests”. On the anniversary of the breaking of the LuxLeaks scandal, Dodds said MEPs had made some progress in stamping out aggressive tax… – Continue reading
One year after the announced closing off of the Double Irish tax arrangement, U.S. multinationals once again turned their attention to Dublin as Ireland announced details of the Knowledge Development Box, or KDB. This new component to its corporate tax regime will allow companies to pay a reduced corporate tax… – Continue reading
Speed read Europe’s highest court has turned the US into a privacy pariah, and the fallout could have a major impact on New Zealand businesses. Tech companies and cloud computing providers, big and small alike, are staring down the barrel of increasingly uncertain privacy compliance challenges, as are their customers…. – Continue reading
The UK has been rated “more of a tax haven” than the Channel Islands, in a financial transparency report. The biennial study by campaign group Tax Justice Network (TJN) ranked the UK above the islands. TJN director, John Christensen, said the islands had “made significant improvements” by signing up to… – Continue reading
As the 2016 Presidential campaign heats up with debates and public appearances replete with the candidate’s opinions on the economy, ISIS, and education, among others, few candidates have mentioned the issue of corporate tax reform, especially as it relates to a level playing field between the U.S. and foreign markets,… – Continue reading
Multinationals have generated big-time revenues with its subsidiaries spread all over the world, which means huge profits and that’s taxable income. In recent years, a number of conglomerates – Amazon, Apple, Google and Starbucks – have engaged in so-called profit-shifting (profit allocation) via transfer pricing methods to pay minuscule taxes…. – Continue reading
Ireland has announced a new 6.25 per cent corporate tax rate for intellectual property research Ireland’s 12.5 per cent corporate tax rate is already one of the lowest in Europe, Economia reports. Now, companies investing in research and development (R&D) will be able to avail of the even lower rate… – Continue reading
HSBC, Google, Facebook are among firms that will now appear after threat from MEPs on access to Parliament. Several multinational companies have now dropped their opposition to appearing before a special European Parliament panel investigating allegations of tax avoidance in Europe. HSBC said Tuesday it would participate in a hearing… – Continue reading
Coca-Cola might owe an additional $3.3 billion in federal income taxes following an audit, says the Internal Revenue Service (IRS). Following a five year audit of the company, the IRS concluded that the company’s strategy of lowering its taxable income through transfer pricing, underestimates the amount the company should’ve been… – Continue reading
The African Union Advisory Board on Corruption (AUABC) recently requested major multinationals operating in Africa to be more open about the taxes and royalties they pay governments to improve transparency and accountability. Although a reasonable request, this is a tall order when you consider that often it is the governments… – Continue reading
Center-left MEPs turn up the heat on multinationals refusing to exchange views on tax policy. Google, Facebook, HSBC and AB Inbev are among a group of multinationals that have been “banned” from meeting MEPs from the European Parliament’s center-left grouping unless the companies agree to appear before a special committee… – Continue reading
By Martina Neuwirth and Thomas Kattnig [This blog article published on July 9, 2015 is translated from the German on the Internet, http://blog.arbeit-wirtschaft.at.] June 23 was the international day of public services. Did you know that? Provision of these services – water, hospitals, schools, culture, energy, streets, public transportation and… – Continue reading
Luxembourg and the Netherlands lost a bit of luster as tax havens for some of the world’s biggest companies this week, as the European Union fired its latest salvo aimed at multinational tax dodging. Yet the Netherlands is on pace to maintain its attractiveness as a tax-friendly address for multinationals,… – Continue reading
Companies who have been accused of shifting profits to low-tax jurisdictions or those seeking tax shelters need to beware—these practices are coming under fire, and could possibly come to an end. The Organization for Economic Cooperation and Development (OECD) just released details of their far-reaching plan that would require companies… – Continue reading
Life was different in the 1990s. Back in ‘93, a lucky few used dial-up Internet to access one of 800 websites available worldwide. Smart phones were a distant dream. The TV dinosaur Barney had just started “edutaining” America’s children. And gas cost about $1.30 a gallon — including 18.4 cents… – Continue reading
WHEN public spending is being slashed in a way that punishes the poor, every firm have a moral obligation to pay their fair share. AMAZON are taking an ever bigger share of the shopping market. Technological advances mean you can order something from their website late at night from your… – Continue reading
The impact of the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting action plan is still unclear, but tax executives are planning ahead for changes on the international tax front. Earlier this month, the OECD unveiled its plan for combating tax evasion strategies by multinational corporations (see… – Continue reading
The Turnbull government has welcomed the support of the Labor party for the new laws that will add more teeth to the government’s crackdown on multinational tax dodgers. The government also offered to consider the suggestions of the opposition in improving the scope of the legislation. Labor formally announced its… – Continue reading
South Korea is seeking ways to levy a corporate tax on profits of global technology companies and other multinationals as early as next year in response to growing criticism of their tax avoidance structures. The diverted profits tax is more widely called the “Google tax,” as U.S. tech giants such… – Continue reading
Facebook was last night accused of insulting British taxpayers as it emerged staff in London have been lined up for a £250million shares jackpot. The huge windfall will be paid out over the next three years if the US social media firm, which paid just £4,000 in corporation tax last… – Continue reading
Shadow Assistant Treasurer Andrew Leigh will tell parliament on Monday that his party plans to support the coalition’s multinational tax avoidance crackdown. The federal government has welcomed support from the opposition for its planned crackdown on multinational tax dodgers. Extending the olive branch, the federal government is also prepared to… – Continue reading
Government has made it easier for Australian companies to avoid paying tax, says Greens spokesperson Adam Bandt Greens MP Adam Bandt has lambasted the passing of new laws that ensure tax details of Australian-owned private companies are exempt from public disclosure rules, saying the government has made it easier for… – Continue reading
The following editorial appears in Friday’s Yomiuri Shimbun: International cooperation must be bolstered to close tax loopholes that can be exploited by multinational business corporations. The Group of 20 major economies and the Organization for Economic Cooperation and Development have worked out new international taxation rules to clamp down on… – Continue reading
Ireland will introduce a new lower tax on intellectual property to keep and win more overseas investment as the government phases out a controversial loophole known as the “Double Irish.”, reports Bloomberg. The new knowledge development box will tax profits from patented innovations such as technological and pharmaceutical developments at… – Continue reading
Hungary’s PM Viktor Orbán has given his support to what has been termed the “Google tax”. Speaking at the ITU Telecom World conference in Budapest and quoted by BBJ, he said that foreign companies profiting from Hungary’s digital economy should also contribute to growth in the sector. Public protests against… – Continue reading
In 2014, seven major tech groups in Spain Declared collective profits of € 48.2 million, on Which They paid € 18.3 million in taxes. These online giants Real Their reduced corporate profits-through complex legal structures and accounting techniques That allowed them to shift part of the profits from Spain to… – Continue reading
Companies around the world are scrambling to overhaul how they communicate with the public when it comes to how much tax they pay, according to professional services firm KPMG. While the Senate is currently investigating multinational firms such as Apple and Google over potential tax avoidance, other countries are also… – Continue reading
Ireland, whose corporate tax rate of 12.5 percent is already one of the lowest in the developed world, said it would cut that rate in half for a new tax category — one covering revenue pegged to companies’ patents and other intellectual property. The Irish government, long criticized by other… – Continue reading
Both internal and external factors threaten politics, economics Hong Kong’s run of good luck is running out. One obvious sign is the increasing interference of Beijing in its domestic affairs, most recently using tame Chief Executive C.Y. Leung and a clique of yes-men to interfere in a senior academic appointment… – Continue reading
G20 finance ministers have endorsed a package of measures to tackle corporate tax avoidance, but questions remain about whether certain countries will follow through on the plans or leave loopholes multinationals can exploit. The ministers agreed to back proposals drawn up by the OECD, which aim to shake up rules… – Continue reading
Singapore has given the thumbs up to an international plan that aims to clamp down on tax avoidance by multinational firms, reports the Straits Times. The Republic says if the plan is soundly implemented, it will help foster free and fair economic competition. Singapore agrees with the main principle of… – Continue reading
Senior tax executives are preparing for changes in the tax landscape as a result of the Organization for Economic Co-operation and Development’s base erosion and profit shifting project. A new survey by Ernst & Young, presented Thursday at its 34th Annual International Tax Conference, found 88 percent of tax directors… – Continue reading
New Zealand needs to be careful not to get out of step with the rest of the world in implementing tax changes on multinational companies seeking to minimise their tax obligations, Deloitte Dunedin tax partner Peter Truman says. The Government this week released a report on Base Erosion and Profit… – Continue reading
Multinationals selling more than $75k into Australia asked to comply. The Australian government has released its revised exposure draft of legislation that would see GST added to all locally-bought digital products and services sold by overseas vendors by July 2017. In May this year former Treasurer Joe Hockey revealed plans… – Continue reading
The Australian Tax Office will open negotiations with 80 multinational companies to encourage them to “restructure” in order to pay more tax on profits generated in Australia. The move represents a near tripling of the ATO’s multinational watch list after it embedded staff inside 30 companies to learn more about… – Continue reading
