Category: CISCO

Apple Could Get a $4 Billion Boost From Tax-Law Quirk

Microsoft, Cisco might also benefit from GOP bill ‘loophole’ Law gives some firms edge in paring offshore cash tax tab Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up — provided their fiscal years don’t follow the calendar year…. – Continue reading

Facebook Korea to pay tax here on ad income

Facebook has decided to start paying tax to Korea on advertising revenue earned here, bowing to mounting complaints over multinational online giants’ tax avoidance. The U.S. social media company’s decision will place other global information players such as Apple, Google and Cisco under more pressure to follow suit. They have… – Continue reading

Cisco, Apple may shudder at regulatory change

Cisco Korea may have to share its key financial information starting next year as the government aggressively pushes to tackle the lack of transparency and tax-dodging practices by foreign enterprises, according to industry sources, Tuesday. “Though there still is much to be seen about the application of the revision, it… – Continue reading

Moody’s Predicts Increase In US Firms’ Offshore Cash Piles

The level of cash holdings kept in foreign jurisdictions by US multinationals will continue to increase unless changes to domestic corporate tax rules are introduced, Moody’s Investors Services has said. According to a new report from the ratings agency, US non-financial companies rated by Moody’s will increase their cash holdings… – Continue reading

Feds Sue Facebook Over Ireland Asset Sale That Cut IRS Tax Bill

The U.S. Internal Revenue Service (IRS) said Facebook Inc. may have understated the value of intellectual property it transferred to Ireland by “billions of dollars,” unfairly cutting its tax bill in the process, according to court papers. The U.S. Justice Department filed a lawsuit on Wednesday in federal court in… – 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

Country-by-Country Plan May Be Project’s Greatest Legacy

The OECD’s final report on Action 13 under the base erosion and profit shifting project—which calls for countries to adopt a country-by-country reporting template, master file and local file—has the potential to be one of its “greatest legacies.” Marlies de Ruiter, head of the Organization for Economic Cooperation and Development’s… – Continue reading

Corporate Coalition Pushes For US Patent Box

American Innovation Matters (AIM), a coalition of companies that includes Cisco, Boeing, Intel, Oracle and Facebook, has released a statement pushing for the introduction of a US patent box, or an “innovation box” as it is known in the United States. The statement looks at the endorsement on November 16… – Continue reading

Companies hold cash offshore until tax reform; Jeff Flake the unorthodox Republican; and Oregon presses for fire funds

U.S. COMPANIES HOLDING CASH ABROAD WAITING FOR TAX REFORM. The high U.S. tax rate continues to encourage companies to stash cash and profits offshore while executives wait for tax reform. The Street has an interview with computing giant Cisco’s CFO Kelly Kramer on the company’s plans for more the more… – 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

EU Tax, Cisco, Google, Burger King: Intellectual Property

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

Microsoft has nearly $93 billion in overseas cash, and it’s reduced its tax bill by almost $30 billion

Microsoft’s stash of cash stored overseas, not subject to US taxes, is growing. In its latest regulatory filing, the software giant said it has now stockpiled $92.9 billion offshore and that this money could have cost the company $29.6 billion in taxes, but didn’t. That compares to $76.4 billion from… – Continue reading

SDN Threatens Profits at Cisco (NASDAQ:CSCO); Facebook (NASDAQ:FB) Under Fire for Tax Evasion

NEW YORK – According to industry insiders there is a battle waging over Software-Defined Networking (SDN) that is a way to build corporate networks without the networking gear built by companies such as Cisco (NASDAQ:CSCO) and Juniper Networks (NYSE:JNPR). The battle pits network equipment manufacturers against a string of companies… – Continue reading

How Suntech, Chinese Solar Giant, Was Snared In An Italian Fraud Scandal

As 2008 began, the future looked brilliant for green energy giant Suntech Power and its high-flying founder, Shi Zhengrong. Suntech was one of the world’s largest makers of solar panels, the first non-state-owned Chinese  company traded on the New York Stock Exchange. And Shi, born to a farm family so… – Continue reading

TAX FREE | US tech giants’ offshore cash piles earn interest from government: report

LONDON — Four of the biggest U.S. technology groups collectively hold an estimated $124 billion in U.S. Treasury debt, much of it offshore, earning them tax-free interest, the UK’s Bureau of Investigative Journalism (BIJ) said on Thursday. The finding means Apple Inc, Microsoft Corp, Google Inc and Cisco Systems Inc… – Continue reading

Taxpayers Pay $163 Billion In Interest To Apple, Cisco, Google, Microsoft In Offshore Accounts

United States taxpayers make large interest payments to the top four technology firmsfor the $163 billion in US government debt the companies own and shelter in tax-freeoffshore accounts. Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agencydebt in accounts overseas, allowing them to avoid the 35… – Continue reading