Category: Procter & Gamble

Corporations paid no tax at Rio Olympics

Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which… – 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

Mexico used a ‘strong-arm’ tactic to coax multinational corporations into paying more taxes

Mexico’s government withheld hundreds of millions of dollars in tax refunds owed to Procter & Gamble, Unilever, and Colgate combined as it sought to coax them and other multinationals to pay more income tax locally, according to people close to the talks. After luring foreign companies with corporate tax breaks… – Continue reading

Singapore’s easiest days as a finance hub are over

SINGAPORE’S easiest days as a financial hub are over. The city remains a gateway to Asia, a great base for basing multinationals, settling lawsuits and parking money. But elsewhere, the city is being sidelined; the worry is that is a sign of things to come. In just 50 years, the… – 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

Multinational firm in Mexico tax-avoidance probe to pay up-report

Dec 22 (Reuters) – Mexico’s tax collection agency (SAT) has reached a deal with a multinational company at the center of a tax-avoidance investigation, and the latter will make a ‘substantial’ payment soon, a senior official was quoted as saying on Monday. “We have just closed a case with an… – Continue reading

Argentina Accuses HSBC of Aiding People in Tax Evasion

BUENOS AIRES — Argentina’s tax agency accused the HSBC bank on Thursday of helping more than 4,000 Argentines evade taxes by placing their money in secret Swiss accounts. The head of country’s AFIP tax agency, Ricardo Echegaray, said Argentine citizens had evaded about $3 billion in taxes that were handled… – Continue reading

UPDATE 1-P&G halts operations, starts talks with Argentina over tax fraud charge

Adds details on P&G halting operations in ARGENTINA, details on impact) Nov 3 (Reuters) – Procter & Gamble said on Monday it had temporarily suspended operations in ARGENTINA after the country’s tax authority, which has accused the company of tax fraud, said it started meetings with the world’s No.1 HOUSEHOLD… – Continue reading