The Bank of China paid 20 million euros ($22.4 million) to resolve a tax dispute with Italy over thousands of money transfers the bank orchestrated between Chinese nationals in Italy and their home country, the Italian government said June 21. Commentators told Bloomberg BNA the agreement could have an impact… – Continue reading
The Colorado House of Representatives advanced a measure to close offshore tax loopholes on Monday. The move comes on the heels of a new report showing companies are doubling down on efforts to stockpile profits overseas and avoid paying U.S. taxes. Richard Phillips, senior analyst with Citizens for Tax Justice,… – Continue reading
It’s no conspiracy theory that mega-corporations benefit from dodging taxes and that there are a bevy of legal loopholes accountants use to ensure businesses lose as little money as possible to the government. Few of these loopholes sound as nefarious as shuffling money into offshore accounts in the Cayman Islands… – Continue reading
