US president Barack Obama and treasury secretary Timothy Geithner has
released details of a plan aimed at closing corporate tax loopholes.
In 2004 – most recent year for which data is available, US. multinationals
paid about $16bn of tax on approximately $700 bn of foreign earnings, according
83 out of the 100 largest US companies have operations in low tax
jurisdictions, according to a Government Accountability Office report.
‘It’s a tax code that says you should pay lower taxes if you create a job in
Bangalore, India, than if you create one in Buffalo, NY,’ said Obama.
The reforms are estimated to raise $210bn over the next 10 years, $103.1bn of
which by removing tax advantages for creating jobs and investing in business
expansion overseas, including the reforming of tax deferral rules.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group