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TOPIC: EU Commission moves to close corporate tax loophole used by Google, Amazon and Starbucks

EU Commission moves to close corporate tax loophole used by Google, Amazon and Starbucks 26 Nov 2013 09:35 #1

  • pheony
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The European Commission has announced plans to close a loophole which has allowed large corporations to pay tax in countries with lower rates, even if they only own one letterbox there.

As part of efforts to get companies to pay a fair share of tax in the countries where they make most of their profits, Algirdas Semeta, the EU’s Taxation Commissioner, proposed amending the bloc’s corporate tax legislation to introduce an anti-abuse clause for countries trying to shift money to a subsidiary abroad to cut their tax bills. While tax evasion is illegal, what is known as “aggressive tax planning” is widely used by firms including Google, Amazon, Starbucks and Apple.

This can include multinationals parking profits in a country with a more favourable tax climate such as Luxembourg or The Netherlands, which can be done if there is merely one employee or a letterbox.

Such practices are legal, but have provoked public anger as ordinary people see their tax bills rise and their quality of life fall. Apple came under fire in May when it emerged they had paid just 2 per cent tax on $74 billion £62 billion) of earnings over four years using loopholes in Ireland.

www.independent.co.uk/news/world/europe/eu-commission-moves-to-close-corporate-tax-loophole-used-by-google-amazon-and-starbucks-8963162.html
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EU Commission moves to close corporate tax loophole used by Google, Amazon and Starbucks 30 Nov 2013 17:40 #2

  • novum
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Will this help most people at the end of the day?

The governments will benefit.. but the people?

Some say, increased costs to corporations are just passed on... to.. guess who...


George Mason University Professor Walter Williams explains the reality of Taxation.

What he is saying in that video is that corporations act as tax collectors for governments.
I remember the good old days, when 90+ year olds in nursing homes lived forever. Darn this pesky virus.

1365 = 1

1.1365 = 1,283,305,580,313,352
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