American CEOs stress urgent need for a tax code overhaul Major U.S. companies are advocating for changes in the tax system that they say will boost investment, jobs, and economic growth. Business leaders are urging Congress to pass a bill by the end of this year. Chief executives of large… – Continue reading
Microsoft CEO Satya Nadella will be sitting in the House gallery as an honored guest at the State of the Union (SOTU) address tonight. By all rights, he be should sitting before a Congressional committee instead, answering for his company’s blatant tax avoidance. Microsoft is playing a game called “Global… – Continue reading
SEATTLE — When someone in Seattle buys a copy of Office at a Microsoft Store, that cash doesn’t take the short route to the company’s area headquarters. Instead, after accounting for state taxes, the profit goes to a Microsoft sales subsidiary in Nevada. From there, much of that money begins… – Continue reading
SYDNEY, Dec 17 (Reuters) – Australia on Thursday identified 600 companies which it said paid no tax last financial year, including Halliburton Co and Hilton Worldwide Holdings Inc, as part of a campaign to challenge “overly aggressive” tax arrangements. The Australian Taxation Office published the income and tax rates of… – Continue reading
Australian tax authorities on Thursday took the unprecedented step of publishing the records of hundreds of companies, including Google Inc (GOOGL.O) and Apple Inc APPL.O, which show they paid little or no tax on their in-country earnings. Of more than 1,500 largely foreign-owned companies which reported total earnings over A$100… – Continue reading
Cash doesn’t flow directly from buyers’ pockets to Microsoft’s headquarters in Redmond, Wash. Instead, the company operates through three regional sales units, centered in Ireland, Singapore and Puerto Rico. These groups control the rights to profit from Microsoft products around the world. By conducting sales from places with small populations… – Continue reading
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
Budgeting battle But like much of the budgeting in Washington, D.C., it gets complicated. The Congressional Budget Office contends the Ex-Im Bank’s surpluses are the result of the accounting method the bank uses and would disappear — or require a taxpayer subsidy — if the bank used a more appropriate… – Continue reading
In DIT vs. M/s. Lufthansa Cargo India: TS- 299-HC-2015, the Delhi High Court held that payment made by assessee (an Indian company) to German company for carrying out overhaul repairs to aircrafts was fees for technical services (“FTS”) under section 9(1)(vii) of the Income Tax Act, 1961 (“the IT Act”)… – Continue reading
Recent revelations that Wal-Mart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Wal-Mart’s hidden… – Continue reading
Recent revelations that Walmart, the world’s biggest corporation, is maintaining secret subsidiaries in well-known offshore tax havens are outrageous but far from surprising to small business owners. That’s because we’re used to seeing large corporations abuse the tax system in ways that hurt our businesses, communities and families. Walmart’s hidden… – Continue reading
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
“Tax day” comes and goes each year, but unfortunately, the systemic issues that plague American taxpayers linger on without resolution well past the mid-April deadline. The U.S. tax code has long been manipulated by corporate lobbyists and their corporate tax attorneys. (President Jimmy Carter once called the loophole-ridden tax laws… – Continue reading
The head of a consortium of businesses that includes multiple profitable companies that consistently pay no or abysmally low federal taxes has been tapped to testify Wednesday at a Senate Budget Committee hearing on the “Benefits of a Balanced Budget.” Former Michigan Gov. John Engler heads the Business Roundtable and… – Continue reading
Sen. Bernard Sanders took aim at some of America’s biggest corporations Wednesday in his crusade to raise taxes on the wealthy, accusing the companies of “legalized tax fraud” for using off-shore banks to avoid U.S. taxes. Mr. Sanders, the ranking member on the Senate Banking Committee, released a report that… – Continue reading
HMRC has failed to prosecute a wealthy tycoon who did not pay tax for 24 years as Richard Bilton reports Tax inspectors failed to prosecute a wealthy tax cheat who did not submit returns or pay any tax for 24 years, documents seen by BBC Panorama show. HM Revenue and… – Continue reading
Is corporate CEO pay really out of control? Well, consider Fleecing Uncle Sam, a new report from the Institute for Policy Studies and the Center for Effective Government. Of the 100 highest-paid CEOs in the US, the study finds, twenty-nine of them received more compensation than their companies paid in… – Continue reading
Seven of the biggest U.S. corporations received billions of dollars in tax refunds from the Internal Revenue Service, while dolling out an average of US$17.3 million to CEOs. While Congress is set to renew a slew of corporate tax breaks, new research published Tuesday found some of United States’ biggest… – Continue reading
CEG says the U.S. corporate tax system is in desperate need of reform A recent report from the Center for Effective Government (Fleecing Uncle Sam) highlights that many large U.S. companies pay little to no corporate taxes, and a few even get tax rebates from the federal government. Moreover, in… – Continue reading
Boeing won’t be paying any taxes this year [“Boeing has big tax refund coming from Uncle Sam — again,” seattletimes.com, March 1]. Instead, by deferring tax payments, it will be getting a $199 million refund. It’s not alone; many corporations are avoiding taxes altogether through loopholes. In the Senate there is… – Continue reading
