Category: Procter & Gamble
Corporations paid no tax at Rio Olympics
Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which… – Continue reading
Apple, Microsoft among top 50 U.S. corporations using offshore tax havens
Less than two weeks after publication of the Panama Papers, a year-long investigation by hundreds of news organizations around the world, including the Star, cast a bright light on the world of offshore tax havens, a new report from Oxfam reveals how much money the 50 largest U.S. corporations have… – Continue reading
Mexico used a ‘strong-arm’ tactic to coax multinational corporations into paying more taxes
Mexico’s government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks. After luring foreign companies with corporate tax breaks… – Continue reading
Singapore’s easiest days as a finance hub are over
SINGAPORE’S easiest days as a financial hub are over. The city remains a gateway to Asia, a great base for basing multinationals, settling lawsuits and parking money. But elsewhere, the city is being sidelined; the worry is that is a sign of things to come. In just 50 years, the… – Continue reading
Studies show, Congress Favors the Rich
When Hillary Clinton recently borrowed Elizabeth Warren’s talking points and claimed “the deck is still stacked in favor of those at the top” (in our economic and political system) against regular working people, did she mention reforming the tax code — and then offer any solutions? The simple answer is… – Continue reading
Multinational firm in Mexico tax-avoidance probe to pay up-report
Dec 22 (Reuters) – Mexico’s tax collection agency (SAT) has reached a deal with a multinational company at the center of a tax-avoidance investigation, and the latter will make a ‘substantial’ payment soon, a senior official was quoted as saying on Monday. “We have just closed a case with an… – Continue reading
Argentina Accuses HSBC of Aiding People in Tax Evasion
BUENOS AIRES — Argentina’s tax agency accused the HSBC bank on Thursday of helping more than 4,000 Argentines evade taxes by placing their money in secret Swiss accounts. The head of country’s AFIP tax agency, Ricardo Echegaray, said Argentine citizens had evaded about $3 billion in taxes that were handled… – Continue reading
UPDATE 1-P&G halts operations, starts talks with Argentina over tax fraud charge
Adds details on P&G halting operations in ARGENTINA, details on impact) Nov 3 (Reuters) – Procter & Gamble said on Monday it had temporarily suspended operations in ARGENTINA after the country’s tax authority, which has accused the company of tax fraud, said it started meetings with the world’s No.1 HOUSEHOLD… – Continue reading
Mexico tax probe may target evasion, deal near with firm
(Reuters) – Mexican authorities plan to ramp up a tax avoidance probe of major multinationals to scour for evidence of evasion, officials said on Tuesday, adding that they were already close to a deal with one company. In January, Mexico said its tax authority, SAT, had launched a probe of… – Continue reading
