Friday, April 15, 2016

Fifty biggest US companies stashing $1.3trillion offshore...

The 50 biggest US companies have more money stashed offshore than the entire GDP of Spain, Mexico or Australia, collectively keeping about $1.3trn (£0.91trn) in territories where the money does not count towards US tax, according to a new report by Oxfam.

The revelations come after the European Commission announced plans to make big companies more transparent about where they pay tax.

The charity said the Commission's proposals are “almost useless” for identifying where tax avoidance may be happening. It urged the UK Government to push for stronger rules to ensure that companies pay tax in all countries where they do business.

Robbie Silverman, Senior Tax Advisor at Oxfam, said that tax avoidance in the US will have a knock-on effect in countries around the world.

“The same tricks and tools used by multinational companies to dodge tax in the US are being used to cheat countries across the world out of their fair share of tax revenues, with devastating consequences,” he said. Full story...

Related posts:
  1. HSBC, Coutts & Rothschild: British banks help the 1% evade tax...
  2. IKEA accused of dodging $1.1 billion in taxes...
  3. Italy claims Google dodged $248 million in taxes...
  4. 3% tax rate? Google accused of playing UK taxpayers for ‘fools’
  5. Corbyn asks David Cameron if ordinary people can pay the same rate of tax as Google...
  6. Google, Apple and Starbucks would face 'laughable' fines for tax dodging...
  7. Starbucks pays corporation tax of less than €4,200...
  8. Six firms including Google and Facebook made £14BILLION last year but paid...
  9. Coffee chain Caffe Nero hasn't paid a penny in corporation tax despite...
  10. Robbery of the Century: tax evasion...

No comments:

Post a Comment