Category: Glencore
‘Tax avoidance’ masters revealed: EXCLUSIVE
The “Big Four” global accounting firms – PwC, Deloitte, KPMG and Ernst & Young – are the masterminds of multinational tax avoidance and the architects of tax schemes which cost governments and their taxpayers an estimated $US1 trillion a year, according to an Australian taxation expert. The controversial new claims… – Continue reading
Why billions of tax dollars end up offshore
ANALYSIS: Despite some action from both Labor and Coalition governments, multinationals are still using accounting tricks to avoid paying Australian tax.While politicians in Canberra bicker over whether or not to cut company tax, or whether it’s acceptable for effective income tax rates to rise through bracket creep, glaring leaks in… – Continue reading
Is the Royal Dutch Shell and BG Group Deal Near Completion?
Bidness Etc takes a look at how Shell-BG merger is right on track, after receiving approval from Australia’s Foreign Investment Review Board Royal Dutch Shell plc (ADR) (NYSE:RDS.A) is just one step away from closing a merger deal with BG Group plc. On Thursday, December 3, the Anglo-Dutch company received… – Continue reading
Destination ‘filthy rich’: Where the wealthy go to get even richer
WELCOME to Switzerland. A mountainous country where nothing comes cheap but many of the world’s filthy rich come to grow their fortunes. The ongoing relationship between the wealthy and Switzerland looks set to only strengthen as the super rich get richer, according to a report released on Friday. That’s despite… – Continue reading
People are leaving fake price tags in IKEA to call out tax avoidance
Some people think popular furniture store IKEA is being naughty, and not paying its proper share of tax in Australia. The franchise is a behemoth, both literally in terms of store size and figuratively in that it collected a US$5 billion profit for the 2014 financial year. A community action… – Continue reading
Chevron tax dodge busted for $322 million
Profit-shifting has not paid off for petroleum multinational Chevron, slugged with a tax bill for $322 million thanks to a Supreme Court decision on Friday. Chevron has been under close scrutiny this year, particularly since a senate inquiry into tax-avoidance in April which also put mining giants BHP, Rio Tinto,… – Continue reading
Jersey: The Offshore Dragon: The Increasing Popularity Of IFCs In The PRC
Using companies incorporated in international financial centres (IFCs) in structuring financial transactions, capital raisings and corporate structures has long been popular in Asia, particularly Hong Kong (itself an IFC). Following the energetic expansion of the PRC economy and assisted in part by the relaxation of PRC regulations in relation to… – Continue reading
Troubling times for low-tax tradition in Switzerland’s Zug
The government in the tiny Swiss canton of Zug has been forced to admit the previously unthinkable: its famously low tax rates, which have attracted a host of companies and celebrities, may have to rise. Facing a series of financial blows — including the effects of a strong Swiss franc… – Continue reading
Glencore won’t find many friends in Australia
Glencore pays virtually no tax on Australian coal operations Glencore is in trouble and took drastic action today to shore up its finances. One place they won’t find sympathy is in the court of public opinion. Last year, the Sydney Morning Herald revealed that Glencore paid virtually no tax over… – Continue reading
Zambia U-turn makes mountain of investment
FEW tax hikes have been timed so badly – and retracted so fast – as that imposed on mineral royalties by Zambia’s President Edward Lungu in January. After threats of divestment from major mining houses and an outcry from the country’s Chamber of Mines, the massive hike in royalty taxes… – Continue reading
Why the United States hates Britain and Australia’s ‘Google tax’
The biggest hurdle to stopping multinational tax evasion isn’t the companies themselves. It’s the governments behind them. As the OECD works swiftly on its plan to stop multinational tax evasion, the United States has already signalled it’s not happy with what’s being proposed. The US has always been clear on… – Continue reading
Glencore Australia to pay global unit for marketing
Glencore will make good on its promise to close down their Singapore marketing hub, but instead will pay a new entity within its global chain to market and distribute coal. Glencore regional finance chief Nick Talintyre told a senate inquiry into corporate tax avoidance that Glencore would begin selling its… – Continue reading
Airbnb, Amazon Land on French Senators’ Tax Radar as Sales Soar
France is trying to squeeze more out of web businesses like EBay Inc., Amazon.com Inc. and Airbnb Inc. Soaring online sales and the use of the Internet giants by smaller businessses as a marketplace for goods and services is prompting the French Senate to look for ways to collect more… – Continue reading
Global Christian groups laud call for a tax system for all
International Christian groups are hailing a report demanding fresh solutions to tax dodging by multinational companies. The World Council of Churches and the UK’s Christian Aid cite researchers from the International Monetary Fund who say tax rules could be costing developing countries $212 billion a year. The report, from the… – Continue reading
Glencore reveals it’s being audited by ATO over taxes
Glencore is under audit by the Australian Taxation Office for the low level of taxes it pays, claiming billions in “losses” overseas and resorting to low-tax or no-tax nations such as Bermuda, Singapore and the Cayman Islands. The Swiss-based mining giant revealed it was being investigated by the ATO in… – Continue reading
BHP faces A$522m tax bill on Singapore marketing hub
BHP Billiton is contesting A$522 million (S$544.8 million) in Australian tax bills on its Singapore marketing operations up to 2010, after having paid almost no tax in Singapore since 2006, the global miner told an Australian Senate panel, reports the Business Times. The figures were released on Monday by a… – Continue reading
Big Four firms consistently ‘unaware’ before tax inquiry
Representatives from “Big Four” accounting firm Deloitte were up before the Senate tax inquiry on Friday morning. They were keen to dispel any notion that their firm would have any involvement in tax avoidance. Senator Christine Milne asked if they were aware of the Deloitte document “Investing in Africa though… – Continue reading
Australia chases BHP, Rio Tinto on Singapore tax shelter
* Australia pursuing multibillion-dollar claims on BHP, Rio -AFR * Singapore marketing hubs save the two A$750 mln/year -AFR * Rio, BHP say the Singapore hubs not set up to save tax * BHP says uses the hub as it is close to customers and markets (Adds tax office, Rio,… – Continue reading
Google says give R&D tax breaks to small techies, not big guys
Tax breaks for research and development should be targeted to smaller technology start-ups, rather than big companies that will most likely make the investments regardless of incentives, Google Australia will tell the senate inquiry into corporate tax avoidance. Google Australia’s managing director, Maile Carnegie, will be appearing before the inquiry… – Continue reading
Voter angst on tax avoidance and penalty rates
The Abbott government is facing overwhelming angst about the issue of corporate tax avoidance and the threat to weekend penalty rates in a string of seats it must retain to win back government. Polling obtained by Fairfax Media found more than nine out of 10 people in the NSW bellwether… – Continue reading
Rupert Murdoch’s US empire siphons $4.5b from Australian business virtually tax-free
Rupert Murdoch’s media empire in the US has siphoned off $4.5 billion of cash and shares from his Australian media businesses in the past two years, virtually tax free. According to calculations by University of NSW accounting academic, Jeffrey Knapp, over the past 10 years, Mr Murdoch’s companies here have… – Continue reading
Big business took $25 billion in tax relief in 2014, Tax Office figures show
Australia’s biggest 900 companies claimed tax deductions and exemptions worth a total $25 billion last year – enough to wipe out two-thirds of the current federal budget deficit at a stroke. As Treasurer Joe Hockey prompted a national “conversation” about tax reform, including the prospect of a higher and broader… – Continue reading
EU bank breaches own rules in Glencore Zambia tax dodging investigation
The European Investment Bank, which gives loans and grants using taxpayers’ money, acted wrongly when it refused to disclose details of alleged tax evasion by mining giant Glencore, the EU’s watchdog has ruled. The EIB failed to disclose the results of its own investigation into the allegations surrounding a mining… – Continue reading
Glencore report: European Investment Bank must drag its secrets into the light
Reasons given by the bank for refusing to publish findings of an investigation into alleged tax evasion remain unconvincing When commodities giant Glencore publishes its half-yearly report on Wednesday, it is unlikely to mention what may be a significant victory for the firm. This relates to an investigation into allegations… – Continue reading
Accusations of Glencore-Zambia tax probe cover-up
The findings of a two-year investigation into possible tax avoidance by a Zambian copper operation of Swiss commodities giant Glencore (LON:GLEN) will not be made public by The European Investment Bank. In 2005, the EIB – which is owned by EU member states and in 2013 provided some $75 billion… – Continue reading
