Jean-Claude Juncker under pressure over his deals as PM of Luxembourg The arch-federalist EU chief is alleged to have courted tax avoidance deals He has now admitted he has been ‘weakened’ by the revelations It emerged his regime agreed deals with Walt Disney and Koch Industries Jean-Claude Juncker has admitted… – Continue reading
Florida Center for Investigative Reporting The Walt Disney Co. generates $18.2 billion per year in economic activity in Florida and and is responsible for more than one in every 50 jobs in the Sunshine State, according to a study the company paid for in 2011. But here’s something Disney won’t… – Continue reading
There’s big news from across the pond. The U.K. government’s Autumn Statement (formerly known as the pre-Budget report), released December 3, promises to change how multinational corporations will be taxed – and offers a cautionary tale for would-be U.S. tax reformers. Britain will introduce a “diverted profits” tax, targeting corporations… – Continue reading
Jonathan Gruber, MIT professor and Affordable Care Act (ObamaCare) architect, faced the House Oversight committee earlier this week. Gruber was grilled over his comments pertaining to the passage of ObamaCare through Congress and the law’s mechanics. The professor has been caught on camera multiple times almost bragging about the deception… – Continue reading
The new EU Competition Commissioner has said there is reasonable doubt about whether Apple’s tax arrangements with Ireland were legal. In her first comments on the investigation into the US tech giant’s tax affairs in Ireland, the Danish Commissioner Margrethe Vestager said the case remained open. This is despite Minister… – Continue reading
Exports of Ukrainian goods through offshore companies fell by 90 percent in the first nine months of this year, according to the State Fiscal Service, dropping to $334 million. British Virgin Islands, a jurisdiction known for the lack of transparency, remains the most popular offshore destination with Ukrainian companies, attracting… – Continue reading
The European Investment Bank, which gives loans and grants using taxpayers’ money, acted wrongly when it refused to disclose details of alleged tax evasion by mining giant Glencore, the EU’s watchdog has ruled. The EIB failed to disclose the results of its own investigation into the allegations surrounding a mining… – Continue reading
LUXEMBOURG — Palm Beach billionaire David Koch and his equally-loaded brother Charles got the government of Luxembourg to sign a secret, custom-made deal that allowed their companies to save hundreds of millions of dollars that otherwise would have been taxed in the United States. On its website this morning, the… – Continue reading
Peter Mac Swedish “flatpack” furniture manufacturer IKEA has suffered a number of blistering mass media attacks for business practices that reduce their Australian tax liabilities to a tiny fraction of the company’s profits here. The criticism is certainly justified. Most ordinary working taxpayers, as well as companies that don’t engage… – Continue reading
Quebec’s finance minister says he understands Bombardier Inc. pays its taxes according to Quebec and Canadian laws and that “we receive what we should receive.” But nevertheless, Carlos Leitão said he has asked Revenue Quebec to look into whether Bombardier is using a European tax haven to avoid provincial taxes…. – Continue reading
Grand Duchy accused of allowing multinational firms to pay virtually no tax Leaked documents reveal more firms used Luxembourg to lower tax There is no suggestion that the tax schemes used by firms are illegal But scandal has dragged in Luxembourg’s former PM Mr Juncker Giant US businesses Disney and… – Continue reading
The Australian Tax Office is auditing 10 multinational corporations and the government will consider introducing new laws aimed at targeting tax avoidance, Joe Hockey has said. The treasurer said on Tuesday the ATO was “embedded in the offices” of multinationals operating in Australia to closely scrutinise whether those companies were… – Continue reading
Some of the world’s leading tech companies are reportedly being audited by the tax office for off-shore ‘super profit’ shifting. Up to 10 multinational companies, one believed to be the Google, have been forced to open their books as the ATO begins a $1.5 billion tax hunt. Commissioner of Taxation… – Continue reading
(Reuters) – Tax deals that entertainment giant Walt Disney Co., commodities group Koch Industries [KCHIN.UL] and others agreed with the Luxembourg authorities were revealed on Tuesday by the International Consortium of Investigative Journalists (ICIJ). The ICIJ said the two companies engaged in complex restructurings, and channeled hundreds of millions of… – Continue reading
The EU’s most powerful official is under mounting pressure as dozens more multinational corporate names are dragged into the Luxembourg tax scandal following a new leak of confidential documents on Tuesday. Jean-Claude Juncker, president of the European commission, has been battling to distance himself from the growing furore over the… – Continue reading
A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies. Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created… – Continue reading
The accountant PricewaterhouseCoopers and drugs giant Shire are due face a tense parliamentary showdown over tax avoidance with an angered Margaret Hodge today. PwC’s head of tax, Kevin Nicholson, was summoned to face Ms Hodge’s powerful Public Accounts Committee following reports last month that multinational corporations advised by PwC Luxembourg… – Continue reading
Luxembourg’s government is on alert for a new wave of tax revelations that Prime Minister Xavier Bettel expects to hit the country in the coming days. The country’s Finance Minister Pierre Gramegna received a new batch of questions from a group of investigative reporters that indicate more documents revealing alleged… – Continue reading
European Union nations that offer “patent box” tax breaks should retool their laws so that only deserving companies can claim benefits tied to technical innovations, according to a draft report from a European Union working group. Countries that use this kind of technology tax break should start legislative work next… – Continue reading
Two things should be said about the UK’s new Google GOOGL -2.7% Tax as proposed in the Autumn Statement by George Osborne, the Chancellor of the Exchequer. The first is that there really is a certain amount of public anger about the manner in which the big tech companies (here… – Continue reading
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on Congress to reject the tax extenders package that includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes. The tax extenders are a set of 54 temporary tax breaks, which are ostensibly designed to… – Continue reading
Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance.04 Dec 2014 Tax China Asia Pacific Chinese tax authorities have pledged to increase supervision of multi-national companies in a campaign to crack down on tax avoidance. The deputy director of… – Continue reading
The government has become the biggest threat to the rule of law, according to veteran Tory backbencher and former minister David Davis. Speaking at a briefing organised by the Taxpayers’ Alliance and the Institute of Economic Affairs (IEA) he slammed the government’s attempts to limit tax avoidance through laws such… – Continue reading
Greens say Malta should start thinking of Plan B on its attractive tax regime for foreign companies as pressure from major EU states on European Commission grows Malta should be prepared to diversify its current fiscal policy and even wave goodbye to its incentives to attract foreign industry, Alternattiva Demokratika… – Continue reading
Chancellor George Osborne has announced a new 25 per cent tax on profits generated by multinationals in the UK that have been “artificially diverted” offshore. Delivering his Autumn Statement today, Osborne said he wanted to see big global businesses “pay their fair share.” He has announced that there will be… – Continue reading
An attempted crackdown on tax avoidance by firms will prove “futile” and the Government should instead work on an international agreement to target company owners, a former City minister has said. Lord Myners, a former Labour minister and former chairman of companies including Marks and Spencer, said firms would find… – Continue reading
“Nothing abnormal about the way Starbucks is run” The new chief executive of Starbucks has admitted that the coffee shop chain is unlikely to pay any UK corporation tax for another three years. Speaking to the Evening Standard, Mark Fox said the tax wouldn’t be applicable until the company turned… – Continue reading
The lead article in The Sunday Times Business section today (authored by Simon Duke and David Smith) says that Britain is at the forefront of a crackdown on corporate tax avoidance – a blitz on tax avoidance by multinationals. The UK Treasury is planning a consultation on forcing multinationals like… – Continue reading
The new head of the European Commission Jean-Claude Juncker has faced, and survived a motion of no confidence, just weeks after taking up his role. MEPs wanted to censure the Commission, headed by the former Prime Minister of Luxembourg, in the wake of revelations that multinational companies used his country… – Continue reading
Responsible corporations paying their taxes and revealing their ownership structure could be a possible solution in the fight of Europe against tax evasion and tax havens which cost billions of euro annually. EurActiv Czech Republic reports. “We should step up our efforts to combat tax evasion and tax fraud”, Jean-Claude… – Continue reading
Arlette Ricci accused of hiding money from France’s tax authorities in test case related to the HSBC tax-avoidance scandal Arlette Ricci’s name is on a list handed over by an HSBC Private Bank employee of French citizens alleged to have hidden cash in offshore accounts. Photograph: Fabrice Coffrini/AFP/Getty Images The… – Continue reading
Tax havens have created an unsustainable economic structure wherein the rich get richer, Dennis Howlett summarized. Daily Herald Other news Zary’s hat trick leads Trojans over Mintos Bauer earns Player of the Week honours Crusaders win provincial championship in all P.A. final PAPHR received significant staffing boost under the Sask…. – Continue reading
The Tax Office denied Macquarie Group a controversial tax deduction related to offshore subsidiaries that resulted in a long-running and costly court battle, while at the same time allowing other taxpayers to claim the deductions, a report finds. A report from inspector-general of taxation Ali Noroozi, released by the government… – Continue reading
HM Revenue & Customs (HMRC) should be allowed to offer settlements to resolve existing disputes over alleged tax avoidance, an expert has said.18 Nov 2014 Litigation & International Arbitration Enforcement UK Europe Tax disputes expert James Bullock of Pinsent Masons, the law firm behind Out-Law.com, said the measure would help… – Continue reading
Inland Revenue has gone shopping for a database to help it fight erosion of the tax base and “profit stripping” by multinational corporations. The database will help the taxman to independently assess the level of profitability companies should be returning for tax purposes by benchmarking the prices multinationals charge their… – Continue reading
