If London’s banks lose their financial services passport, Ireland may be the biggest winner if relocation decisions are based on where these banks maintain subsidiaries. This is the thinking behind a confidential internal note prepared by Deusthe bank for its July 5 board meeting. According Deusthe, their competitors would most likely relocate their operations to… More Will London’s Bankers Give Up Their Swanky London Post-codes?
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!
Your summary of the biggest tax, trade and investment headlines affecting International Business and Financial Services. France Attacks US Tech Firms. U.S and Listed Multinationals in Mexico Tax Avoidance Probe. Obama Rhetoric on Offshore Profits Criticised. Ethical Fund Manager Pulls Amazon Investment. New Pay-Up First Tax Avoidance Plan Criticised. EU Parliament Urged to Ban Shell… More franhendy’s OFFSHORE WEEKLY
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.
Let’s say you own a Circus and 90% of your revenue is generated internationally but you pay $25 in taxes out of every $100 you earn in royalties from the use of your trademark. Let’s say that you could legally ‘ship’ your trademark offshore to a country where the tax on royalties is 5.72% saving… More Cirque Joins the Circus: Quelle Surprise?!
Eurostat – the statistical office of the European Union (EU) defines Bahrain, Hong Kong, Singapore, Philippines, Guernsey, Jersey, the Isle of Man, the Faroe Islands, Liechtenstein, Andorra, Gibraltar; Panama, Bermuda, the Bahamas, the Cayman Islands, the Virgin Islands and 23 unnamed others as Offshore Financial Centres (OFCs). EU Foreign Direct Investment (FDI) results for 2011 released this… More OFCs, Europe and U.S in a Love-Hate Relationship.
…was the response by Glaxo Smith Kline (GSK) to last Monday’s BBC Panorama ‘expose’ on the use of ‘round-tripping’ and ‘income stripping’ tax avoidance techniques by UK conglomerates like GSK and North & Shell. In its defence GSK points out that the company is a global with 95% of its sales outside of the UK with 20%… More “Extremely misleading and lacking in context”…