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+16 +1
No gas required: How Chevron, ExxonMobil & Shell shipped a $60b [AUD] tax-free cargo
The Australian Taxation Office is investigating funding payments for the Gorgon natural gas project that will deliver estimated tax-free profits of over $60 billion. By Neil Chenoweth.
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+23 +1
One Million Moms’ Tax-Exempt Outrage Industry
The online arm of the American Family Association is making crazy money—and paying no taxes—off of their campaigns against Chobani, the Muppets, and rainbow Doritos.
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+12 +1
Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.
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+32 +1
Big U.S. firms hold $2.1 trillion overseas to avoid taxes
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday. The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate...
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+41 +1
Facebook paid less tax than you did last year
Facebook’s UK operations paid only £4,327 in taxes last year, less than the average worker. The small bill was despite the company being able to pay its 362 UK-based employees an average of £210,000 in pay and bonuses. It gave its London staff Facebook shares worth £35.4 million, according to the report, pushing its losses to £28.5 million and so hugely reducing its tax bill.
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+27 +1
Inside the Secretive World of Elite Wealth Management
Shakespeare said that all the world’s a stage, but the sociologist Erving Goffman added that most of the interesting stuff lies behind the scenes, in what he called the “backstage” areas of everyday life. Having spent the past eight years doing research on the international wealth-management profession, I have to agree with Goffman: The most revealing information comes from the moments when people stop performing and go off-script.
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+48 +1
The town that took itself offshore to expose tax avoiders
When independent traders in a small Welsh town discovered the loopholes used by multinational giants to avoid paying UK tax, they didn’t just get mad. Now local businesses in Crickhowell are turning the tables on the likes of Google and Starbucks by employing the same accountancy practices used by the world’s biggest companies, to move their entire town “offshore”.
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+20 +1
Pfizer Chief Defends Merger With Allergan as Good for U.S.
The agreement would be the latest, and largest, aimed at helping an American company lower its taxes by reincorporating overseas, a tactic known as corporate inversion.
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+18 +1
Lanny Davis's Caribbean Adventure
What is the Clintons’ longtime consigliere doing hawking passports to tiny island nations? Inside the exotic, paranoid world of the rich and powerful. By Molly Ball.
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+38 +1
The fall of Jersey: how a tax haven goes bust
Jersey bet its future on finance but since 2007 it has fallen on hard times and is heading for bankruptcy. Is the island’s perilous present Britain’s bleak future? By Oliver Bullough.
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+19 +1
How Microsoft moves profits offshore to cut its tax bill
Court documents in a case between Microsoft and the IRS provide a detailed look at how the company, like other multinational corporations, has created a complex structure that allows it to minimize its tax bill. By Matt Day.
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+32 +1
Canada’s sleaziest corporate scandal
It turns out Canada’s largest pharmaceutical company, Valeant, is not really Canadian. Now it’s getting lots of attention— for all the wrong reasons. By Bruce Livesey.
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+17 +1
Hospitality and Gambling Interests Delay Closing of Billion-Dollar [US] Tax Loophole
Lobbyists recently swooped in to add 54 words to a tax and spending bill of more than 2,000 pages that temporarily preserved a loophole sought by the hotel, restaurant and gambling industries, and billionaire Wall Street investors. By Eric Lipton and Liz Moyer.
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+27 +1
$100 Billion in Tax Revenue Lost Every Year Due to Loopholes for Multinationals
On Sunday, Apple CEO Tim Cook appeared on CBS's 60 Minutes and defended the world's largest corporation's record of sheltering profit overseas to avoid U.S. taxes. Interviewer Charlie Rose questioned Cook if Apple is engaged in, quote-unquote, a sophisticated scheme to pay little or no corporate taxes on $74 billion of revenue overseas. Here's how Cook responded. TIM COOK: That is total political crap. There's no truth behind it. Apple pays every tax dollar we owe.
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+32 +1
Parking the Big Money
A lot of wealthy people in the United States, Europe, and elsewhere have been hiding money in foreign countries—above all, Switzerland, Luxembourg, and the Virgin Islands. As a result, they have been able to avoid paying taxes in their home countries. Until recently, however, officials have not known the magnitude of that problem. By Cass R. Sunstein.
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+57 +1
Switzerland signs deal to end banking secrecy
Switzerland, in an effort to combat tax evasion and money laundering activities, has agreed to a deal with the Organisation for Economic Co-operation and Development (OECD) agreeing to exchange data with 60 other countries that will effectively end its banking secrecy. Switzerland is the world’s largest offshore wealth center, with an estimated $2.2 trillion in assets compared to a $632.2 billion GDP.
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+45 +1
How Microsoft moves profits offshore to cut its tax bill
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 and low tax rates, and routing some profit through virtually tax-free jurisdictions like Bermuda...
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+19 +1
George Osborne 'received a payment from a family business that pays no corporation tax'
George Osborne has received a dividend pay-out worth £1,230 from his family’s wallpaper business, despite the company not paying any corporation tax for the last seven years, according to reports. The Sunday Times says it has analysed the accounts of Osborne & Little Group Ltd – the parent company of the family business – and found it paid out dividends worth £335,000 to shareholders, including the Chancellor, on 30 May 2014.
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+23 +1
Skulduggery in the Vatican
Tim Parks reviews “Avarizia: Le Carte che Svelano. Ricchezza, Scandali e Segreti della Chiesa di Francesco” by Emiliano Fittipaldi and “Merchants in the Temple: Inside Pope Francis’s Secret Battle against Corruption in the Vatican” by Gianluigi Nuzzi, translated by Michael Moore.
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+41 +1
The Billionaires’ Loophole
A loophole helps the wealthiest Americans to perform major acts of public service. Is that fair? By Alec MacGillis.
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