The European Commission has today issued a press release confirming their finding that Ireland, granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid. Commissioner Margrethe Vestager,… More Ireland Must Recover 13 Billion Euros in Illegal State Aid to Apple.
Fancy a peek at Facebook’s earnings and tax bills? Tax Eurocrats certainly do. So keen are they to compel the world’s largest multinational corporations to open their tax arrangements with EU governments to full public scrutiny that the European Commission is expected to table the necessary legislation in April. Tax legislation in the EU… More What a Tangled Web!
The U.S ranks 94th out of 100 on the Tax Attractiveness Index (TAI); is the worst performer of all G8 countries; and of its G20 colleagues, it only managed to out-rank Argentina, South Korea and Indonesia. Little wonder perhaps that U.S multinationals have found better tax planning opportunities in the index’s top 10 highest ranking… More Why America Might Need Our Sympathy.
( US President Obama Image: Headlinedigest) Absolutely NOT! Is America’s emphatic response to French proposals tabled this week ahead of the G20 finance ministers meeting for a new tax on internet multinationals like Apple, Google and Amazon, based on the volume of personal data collected. France’s quarrel with the U.S is that according to existing… More Obama Rejects Tax on Personal Data Collection.
(Angel Gurría, Secretray-General of th OECD, Image: Industry Leaders Magazine) Although the OECD has refused comment on their leaked draft report on new measures to curb the use of tax havens to this month’s meeting of the G20 Ministers of Finance and Central Bank Governors, it has been widely circulated. Last month, Pascal Saint Amans, Director… More OECD’s Proposed New Anti-Tax Haven Initiatives
Never mind the public grandstanding about tax havens, in the lead up to next week’s G8 Summit in Northern Ireland. To stay rich, not only do the world’s eight wealthiest countries want tax havens, they need them. By tax haven I do not mean a secrecy jurisdiction. Instead I am referring to a transparent, low or… More Why the G8 Needs Tax Havens.
(New York Representative Charles B. Rangel, Member of the US Ways and Means Committee) Yesterday, as part of their continuing work on comprehensive US tax reform, the Ways and Means Committee of the US Congress convened a hearing on the use of tax havens by U.S. and foreign multinational corporations to avoid tax; shift profits outside the… More 5 Point Summary of OECD’s Testimony at Yesterday’s US Congress Hearing on Tax Havens.