Category: PepsiCo

The best-known transfer pricing cases in Vietnam

VietNamNet Bridge – Nearly 38 percent of foreign invested enterprises (FIEs) reported losses in 2017, a significant decrease from the 50 percent seen in previous years. However, transfer pricing by FIEs remains a headache for management agencies. Do Thien Anh Tuan of Fulbright University said that enterprises that most regularly… – Continue reading

Vietnam plans new transfer pricing rules to curb tax fraud

Various agencies are expected to work together to draft a decree and keep the practice in check. In a move that signals Vietnam’s apparent stronger stance against tax evasion, the Ministry of Finance has sought to work with other ministries and agencies to draft a new decree on transfer pricing… – Continue reading

Special investigation: Why it’s not just planes that vanish in Bermuda

Journalist Steve Topple investigates Bermuda-based big business tax avoidance and its links with UK political parties – and even some charities LAST WEEK saw the news emerge that everyone’s favourite search engine, Google, only had to pay £97m in back-tax (not the “major success” of £130m as was first reported)… – Continue reading

Offshore Shell Games 2015: The Use of Offshore Tax Havens by Fortune 500 Companies

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their fair share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their… – Continue reading

BEHIND THE HEADLINES: Tax haven hypocrisy

A BALANCING ACT in London, folly and redemption in America’s District of Columbia and sheer hypocrisy in Brussels. And in every case, Barbados and many of its Caribbean neighbours were placed in the negative international spotlight at a time when some of the world’s major financial centres are casting about… – Continue reading

Taxes: Google quizzed by EU

Brussels – Google and Facebook were among US companies facing questions on Monday from European Union lawmakers about their tax-reducing techniques, a month after regional antitrust regulators raised the stakes by ordering Starbucks and a Fiat Chrysler Automobiles NV unit to repay millions of euros in back taxes. The queries… – Continue reading

EU calls corporations to account for low-tax deals

European Union lawmakers have called 13 multinational companies to a meeting next week to talk about the low-tax deals they have struck with EU jurisdictions, reports CBC News. Among the companies to be questioned on Nov. 16 will be, Disney, Coca-Cola Co, Anheuser-Busch InBev NV, HSBC Holdings, Ikea Group… – Continue reading

Europe May Not Be a Tax Haven for U.S. Multinationals Much Longer

FRANKFURT (The Street) — Europe’s allure as a tax haven for U.S. multinationals may be coming to an end. That’s because European Union regulators are closing up tax loopholes that U.S. companies have been enjoying for years. The first two to feel the heat are Starbucks (SBUX – Get Report)… – Continue reading

Apple Stakes Raised as EU Orders Starbucks, Fiat Tax Repayments

Apple Inc. and Inc. got a preview of what the European Union may have in store for them after regulators ordered Starbucks Corp. and a Fiat Chrysler Automobiles NV unit to repay millions of euros in back taxes. The EU said the coffee company and the Italian carmaker were… – Continue reading

Starbucks, Fiat Decisions Seen in First Wave of EU Tax Cases

Starbucks Corp. and a Fiat Chrysler Automobiles NV unit are set to be first in the firing line as European Union regulators issue a series of rulings over tax breaks for global companies, including Apple Inc. The EU may issue decisions against Starbucks and Fiat as soon as next week… – Continue reading

Osborne to net billions as huge global crackdown on multinational tax avoidance begins

The world’s richest nations will launch a huge crackdown on multinational tax avoidance on Monday as part of the biggest shake-up of international tax rules for decades. The move could lead to a multi- billion pound gain for Chancellor George Osborne and higher tax bills for a raft of blue-chip… – Continue reading

Jean-Claude Juncker denies link to Luxembourg tax deals

European Commission president Jean-Claude Juncker has denied involvement in sweetheart deals that allowed hundreds of multinationals to slash their tax bills by locating to Luxembourg, despite being prime minister of the country for almost 20 years, reports the Financial Times. Facing questions from a committee of EU lawmakers set up… – Continue reading

Lux Leaks panel banks on voter rage : New draft report calls on national governments to ‘eliminate mismatches’ in policy.

Anticipating a tough legislative fight, the European Parliament’s special committee investigating tax shelters plans to play its trump card: citizen outrage. The committee’s co-rapporteur Michael Theurer, a German MEP from the Alliance of Liberals and Democrats for Europe, told POLITICO’s German podcast that he expected “objections, difficulties and political resistance”… – Continue reading

EU Cracks Down on Tax Dodges by Multinationals From Disney to Coke

Luxembourg, home of European Commission President Jean-Claude Juncker, is the EU’s richest country and a notorious tax haven for multinationals including Disney, Pepsi, Coca-Cola and Office Depot — among more than 300 firms who allegedly shifted profits to Luxembourg through sweetheart tax deals uncovered in last year’s ‘LuxLeaks scandal. The… – Continue reading

Making ‘steady progress’ towards OECD compliance: Seychelles responds to EU ‘tax haven’ listing

(Seychelles News Agency) – Seychelles’ Finance Minister says his ministry remains committed and on track towards complying with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information. “Seychelles is making considerable and steady progress in achieving the OECD standard in relation to the… – Continue reading

EU releases tax haven blacklist

The European Union has published its first list of international tax havens as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe, and a series… – Continue reading

HSBC, JPMorgan may move parts of businesses to Luxembourg – The Times

HSBC Holdings Plc and JPMorgan Chase & Co are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to… – Continue reading

Candidates’ plans to repatriate profits only encourage corporate tax avoiders

The last time the US tried repatriation – in 2004 – companies took the tax breaks and fired American workers. Better to close loopholes and invest in infrastructure If you had a spoiled 10-year-old at home who you found rifling through your wallet, what would you do? Would you spank… – Continue reading

Ireland, Luxembourg tax deals should be used in Australia says advisory board

Australia should consider adopting tax structures like those used in Ireland and Luxembourg in order to attract greater foreign investment, the government’s tax advisory body has recommended. On Thursday night, Assistant Treasurer Josh Frydenberg released several reports by the Board of Tax, which advises the government on how to reform… – Continue reading

Canada Needs to Act on Its Promise to Tackle Tax Havens

Luxembourg has been a prime destination for Canadians looking for a tax haven. Secretive. Discreet. Accommodating. These features were so attractive that Canadian companies, including a federal pension fund, sent $36 billion there in 2013. But new Statistics Canada data shows that more than $5 billion got pulled out of… – Continue reading

Transfer pricing: the other side of the FDI coin

VietNamNet Bridge – How to deal with transfer pricing – whether to view it as an inevitable part of foreign direct investment (FDI) or take drastic measures to stop it – remains a controversial matter among Vietnamese. METRO Cash & Carry Vietnam (MCC) will have to pay VND507 billion (US$23.8… – Continue reading

Second French suspect charged over ‘Luxleaks’ tax probe

LUXEMBOURG – A second French suspect was charged Friday with theft and money-laundering in ongoing investigations into the leaking of secret tax avoidance deals between Luxembourg and multinational companies, a scandal dubbed “Luxleaks.” The identity of the new suspect was not released, but he is a 38-year-old Frenchman and former… – Continue reading

LuxLeaks Scandal Reveals International “Race to the Bottom”

Countries are competing to lower their tax rates to please the corporate giants, but the result is a massive collective loss of revenue. Only international coordination can wipe out the practice and defeat the negative influence of the Big Four accounting firms. Tax havens have long existed in the popular… – Continue reading

Gramegna Calls LuxLeaks ‘Game Changer’ for Tax-Deal Probe

The disclosure of thousands of pages of confidential documents on Luxembourg tax deals was a “game changer” that led European Union regulators to expand their probe of such accords to all 28 nations in the bloc, Luxembourg Finance Minister Pierre Gramegna said. The EU’s expanded investigation “is not a surprise… – Continue reading

Luxembourg tax files: how Juncker’s duchy accommodated Skype and the Koch empire

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

Vestager says will use ‘Luxleaks’ documents in EU tax probe

The European Commission will use the ‘Luxleaks’ documents uncovered by investigative journalists three weeks ago in its ongoing investigation of tax avoidance at the European level, Margrethe Vestager, the EU competition chief, said on Thursday (20 November). The documents, known as the ‘Luxleaks’, showed that more than 300 companies, including… – Continue reading