Stories that are tagged 'multinationals'

	Vale Suffers Setback In Brazilian Tax Fight 5/9/2012 The world's second largest mining company Vale SA, has announced that Brazil's highest judicial authority, the Superior Court of Justice, has stripped the company of an injunction it previously received which 'suspended the effects of the unfavourable rulings related to the taxation of its foreign subsidiaries' earnings'.
	Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
	India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
	Nissan Infiniti Locates Global HQ In Hong Kong 5/4/2012 Invest Hong Kong has used its recent assistance to Infiniti, Nissan Motor’s luxury car brand, while basing its global headquarters in the city, to highlight Hong Kong's favoured position as a preferred location for overseas multinationals.
	Insurance Ratings Agency Establishes DIFC Office 5/4/2012 A.M. Best, a leading provider of credit ratings and financial data for the insurance industry, has received the necessary approvals to begin regional business from the Dubai International Financial Centre.
	EU Parliament Backs Mandatory CCCTB 4/26/2012 The European Parliament has voted in favour of making mandatory the implementation of a Common Consolidated Corporate Tax Base among European Union member states despite sustained opposition from some nations.
	NZ To Ease GST For Non-Resident Firms 4/23/2012 New Zealand is to remove goods and services tax 'impediments' for non-resident businesses in an effort to make the system less burdensome for such companies.
	US, Colombia FTA Effective In May 4/18/2012 The Presidents of the United States and Colombia announced at a joint press conference in Cartagena that a landmark Free Trade Agreement between the two nations will become effective on May 15, 2012, gradually exempting the vast majority of goods from bilateral trade taxes.
	Irish Tax Breaks Not Generous Enough, Minister Warns 4/12/2012 Tax breaks for executives are not generous enough, Ireland's Minister for Jobs has been reported as warning the Finance Minister.
	IoM To Simplify Company Residency Regime 4/5/2012 The Isle of Man government has launched a consultation on a proposed legislative change that would simplify the income tax position for companies with dual residence.
	French Research Credit Key For Foreign Investors 4/3/2012 A recent report on 2011 foreign investment in France, published by the French agency for international investment, has shown that France remains an attractive destination for foreign investors, mainly attributable to the availability of the popular consolidated research tax credit.
	OECD Forum To Simplify Transfer Pricing Rules 3/30/2012 Meeting at the first Organization for Economic Cooperation and Development Global Forum on Transfer Pricing, tax officials from 90 countries agreed on the need to simplify transfer pricing rules, strengthen the guidelines on intangible issues and improve the efficiency of dispute resolution.
	Switzerland Sticking With Exchange Rate Fix 3/30/2012 Switzerland’s Economy Minister Johann Schneider-Ammann has insisted recently that the minimum exchange rate set by the Swiss National Bank of CHF1.20 per euro must be maintained.
	Australia To Amend Transfer Pricing Regime 3/21/2012 The Australian government has released draft proposals that will launch the first stage of its reform of the transfer pricing system.
	Vale Posts Brazilian Back Tax Case Collateral 3/12/2012 Vale, the world's second largest mining company, has clarified that despite being required to pay USD915m in judicial deposits, it remains confident of a favourable ruling in the tax case with Brazilian authorities over back taxes, worth BRL25bn (USD13.9bn) as it continues to pursue all legal avenues.
	US Study Attacks Chinese 'Innovation Mercantilism' 3/2/2012 A paper issued by the Information Technology and Innovation Foundation in Washington, DC, entitled ‘Enough is Enough: Confronting Chinese Innovation Mercantilism’, attacks the seeking by China of not merely competitive advantage, but absolute advantage in a wide range of industries, especially advanced technology products and services.
	Romney Proposes Across-The-Board Tax Cuts 2/24/2012 Following President Obama’s corporate tax reform proposals, Mitt Romney, one of the leading Republican presidential candidates, issued his own proposals to kick-start United States economic growth by cutting tax rates, broadening the tax base and providing for tax simplification.
	Another Solid Year For The DIFC 2/23/2012 Despite the impact of the European debt crisis, the global economic downturn and political turmoil in certain parts of the region, the Dubai International Financial Centre continues to strengthen its position as the leading international financial centre in the region.
	Vale Confident Of Brazilian Tax Case Victory 2/21/2012 Vale SA, the world's second largest mining company, has said the company is confident of victory in the ongoing back taxes case with the Brazilian tax authority.
	Consultation Launched Into European Company Law 2/22/2012 The European Commission has launched an in-depth consultation on the future of European company law, to ascertain whether Europe’s needs are still met by the existing legal framework.
	Malaysian Budgetary Efforts Stunted By Economic Slowdown 2/16/2012 The International Monetary Fund has said Malaysia surpassed fiscal consolidation targets in 2011 as a result of better-than-budgeted revenue performance and efforts to broaden the tax base. The IMF has warned, however, that the government may be required to rein in austerity measures at the cost of consolidation as the economy slows in 2012.
	US, China Agree Framework For Economic Relationship 2/16/2012 A joint fact sheet issued by the United States and China, during the visit of China’s Vice President Xi Jinping to America, affirmed that the two countries are promoting the healthy and steady development of the US-China cooperative economic relations “based on mutual respect and mutual benefit”.
	Obama Produces Election Budget 2/15/2012 United States President Barack Obama has announced his proposed budget for the next fiscal year beginning on October 1, which, with over USD1.5bn in net new revenue from taxes on the wealthy and more spending on job creation and education, will provide his platform for re-election.
	Tax Dispute Delays Ugandan Oil Stake Sales 2/2/2012 Tullow Oil’s sale of stakes in its Ugandan oilfields to Total of France and the China National Offshore Oil Corporation has been further delayed by the Ugandan government, following a dispute over tax compensation arrangements.
	Vale Scores Victory In Brazilian Tax Appeal 2/1/2012 Vale, the world's second largest mining company has won an injunction in a long-running court battle against the Brazilian tax authority relating to claims for billions of dollars in back taxes said to be due on its foreign-sourced income.
	Vodafone Wins Indian Tax Dispute 1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
	Essar Oil Dealt Tax Blow By Indian Court 1/23/2012 The Supreme Court in India has set aside the judgement of the Gujarat High Court which ruled in favour of Essar Oil's claim to benefits under a sales tax deferment scheme in the state of Gujarat.
	InvestHK Assists Record Number Of Companies 1/23/2012 Invest Hong Kong has announced that it assisted 303 overseas and mainland Chinese companies to set up or expand in Hong Kong in 2011 - the 11th consecutive year that it has beaten its annual target for the number of completed projects.
	Obama's Job Council Recommends Tax Reform 1/20/2012 President Barack Obama's Council on Jobs and Competitiveness, set up a year ago, has presented its 72-page report, including recommendations to create a simpler, more efficient tax system that 'levels the playing field for businesses and makes the US more competitive internationally'.
	France, Germany To Act Swiftly On Tax Convergence 1/20/2012 France and Germany have pledged to put forward concrete proposals for a common corporate tax base by the end of February, in a joint document outlining their strategy for exiting the crisis and for strengthening growth.
	Luxembourg Discusses Tax With Danish Presidency 1/19/2012 Luxembourg’s Finance Minister Luc Frieden has recently conducted a working visit to Copenhagen for bilateral discussions with Denmark’s Economic Affairs Minister Margrethe Vestager and with the country’s Finance Minister Bjarne Corydon, with the talks focussing in particular on taxation and on financial regulation.
	Norway Launches New International Tax Unit 1/13/2012 A new unit responsible for international tax relations has been set up in the directorate of taxes by Director General of the Norwegian tax administration, Svein Ragnar Kristensen.
	Obama To Propose 'Insourcing' Tax Breaks 1/13/2012 United States President Barack Obama has announced that he will put forward new tax proposals in the coming weeks designed to reward companies that choose to invest or bring back jobs to the United States, and to eliminate tax advantages for companies moving jobs overseas.
	Eurozone Crisis Poses Biggest Threat To UK Businesses 1/5/2012 A collapse of the euro would have a severe effect on UK businesses, with the majority of UK Chief Financial Officers believing a break-up of the euro poses the greatest threat to their business in 2012.
	French Lawmakers' Green Light To Panama DTA 12/26/2011 Safeguarding the interests of businesses in France, the French National Assembly has definitively adopted a highly controversial bilateral tax agreement between France and Panama.
	US, Canada, Mexico Reaffirm Antitrust Cooperation 12/23/2011 The heads of the antitrust agencies of the United States, Canada and Mexico met recently in Mexico to reaffirm their commitment to effective enforcement cooperation.
	Business 'Not Hit' By UK Bribery Act 12/14/2011 Six months into its operation, the UK's Bribery Act has not significantly affected companies' ability to do business, according to a new survey from Ernst and Young.
	Semeta Outlines Future Of VAT In Europe 12/8/2011 European Union Commissioner for Taxation Algirdas Semeta has outlined details of the Commission’s strategy for the reform of value-added tax in the European Union, which aims to simplify the system, to make it more effective and robust, as well as fraud-proof, to the benefit of businesses and the Internal Market.
	CFCs To Benefit From New UK Tax Regime 12/8/2011 A major overhaul of the UK's controlled foreign company rules has been welcomed by tax experts, who conclude that the proposed new regime will go a long way towards changing the negative perceptions of the UK's corporate tax regime among multinational businesses.
	Brazilian Court Dismisses Vale's Tax Appeal 12/5/2011 The world's second largest mining company, Vale has been unsuccessful in appealing back taxes said to be due on its foreign-sourced income.
	Australian Tax Changes Target Consolidated Groups 11/30/2011 The Australian government has decided to introduce changes to income tax law affecting consolidated groups. The changes relate to the way a consolidated group can deduct the costs allocated to some assets following a corporate acquisition.
	Austerity Continues For UK 12/1/2011 It may prove hard to avoid recession in the UK, the Chancellor of the Exchequer George Osborne has said, unveiling a package designed to ensure the government meets its fiscal targets in spite of seemingly gloomy economic prospects.
	DMCC Welcomes Rise In Company Formations 11/24/2011 The Dubai Multi Commodities Centre Authority, the licensing body for the Jumeirah Lakes Towers Free Zone, has registered more than 1,000 new companies in the past 10months.
	Taiwan Limits Income Tax Exemption On Royalties 11/22/2011 Taiwan’s National Tax Administration has confirmed that the income tax exemption for royalties paid to foreign enterprises will be limited to the extent of their domestic use.
	OECD Reviews Transfer Pricing Rules On Intangibles 11/21/2011 The Organization for Economic Cooperation and Development has noted the progress made by its Working Party and private sector representatives on definitional and ownership issues related to transfer pricing for intangibles as defined by the OECD Transfer Pricing Guidelines.
	Tax Remains Lure For US Investors In Ireland 11/3/2011 Ireland’s low corporate tax rate remains the key factor for attracting foreign direct investment from the US, with new research showing that Ireland’s tax regime is seen as an increasingly important advantage over other potential foreign direct investment destinations in Europe.
	Ireland Launches International Start-Up Fund 11/2/2011 The Irish government has launched a EUR10m International Start-Up Fund, aimed at encouraging overseas entrepreneurs to locate start-up businesses in Ireland.
	US Congress Mulls Territorial Corporate Taxation 10/28/2011 The House of Representatives Ways and Means Committee Chairman, Dave Camp (R - Michigan) has unveiled more details of his party’s plan for United States international tax reform that would move to a territorial tax system.
	Record Number Of Regional Headquarters In Hong Kong 10/24/2011 According to the results of an annual survey released by Invest Hong Kong and the Census and Statistics Department, the total number of overseas and Mainland Chinese parent companies running business operations in Hong Kong has recorded its highest level to date, as, in particular, did the number of those operating regional headquarters.
	Hong Kong Welcomes Chinese RMB FDI Regulations 10/18/2011 Financial Secretary John C Tsang has issued a statement confirming that Hong Kong’s government welcomed the promulgation by the Chinese Ministry of Commerce and the People's Bank of China of administrative rules that will provide transparency and certainty for the making of foreign direct investments in renminbi.
	Reports Reject US Foreign Profits Tax Holiday 10/7/2011 Two new studies, from both sides of the political spectrum, have denied that, if a tax break for United States companies repatriating profits from their overseas operations was to be re-instated, additional investment and jobs would be created in the American economy.
	Osborne Rules Out UK Tax Cuts 10/6/2011 The UK will not borrow the money required to fund temporary tax cuts, Chancellor of the Exchequer George Osborne has said, arguing that abandoning the deficit reduction plan is not the solution to the country's economic problems.
	US Congress Looks At Pro-Growth Tax Reform 9/19/2011 The House of Representatives Committee on the Budget has held a hearing to highlight the need for pro-growth tax reform in the United States, rather than short-term tax rebates and government attempts to pick winners and losers through the tax code.
	South Africa Looks At Headquarters Company Regime 9/14/2011 While, last year, the National Treasury proposed a new initiative, intended to make South Africa a more attractive base for investment into other African countries by both domestic and foreign investors, taxpayers have raised concerns over the approach of the South African Revenue Service to its headquarters company tax regime.
	US Congress Looks At Territorial Taxation 9/13/2011 The Senate Committee on Finance has held a hearing on how international corporate tax issues should be dealt with, as momentum gathers for comprehensive reform of the United States tax code.
	Study Plugs Benefits Of US Repatriation Tax Break 8/30/2011 A new study has found that, if a tax break for United States companies repatriating profits from their overseas operations was to be reinstated, it would bring into the country a net USD8.7bn of additional revenue over 10 years.
	Canada To Update Foreign Affiliate Rules 8/23/2011 The Canadian government has launched a consultation on proposals to reform rules for the taxation of Canadian multinational corporations with foreign affiliates.
	Vodafone Relocates Marketing Team To UK 8/19/2011 Vodafone is to relocate a marketing team to London from Ireland, although it is unclear whether the move has been motivated by tax reasons.
	Enterprise Ireland Start-Up Programme A Success 8/11/2011 The Irish government is supporting the creation of hundreds of new jobs through a start up programme, designed to help rebuild the economy and boost domestic growth.
	Malaysia Steps Up Transfer Pricing Oversight 8/3/2011 Malaysia’s Inland Revenue Board has issued a new form to be completed by multinational companies to give more complete information on transfer pricing in cross-border transactions.
	Microsoft Cuts Effective Tax Rate 8/2/2011 Microsoft, in its Form 10-K filing with the Securities and Exchange Commission, has disclosed that its effective rate of taxation during that year was 17.5%; exactly one-half of the United States federal statutory corporate tax rate of 35%.
	Virgin Considers Swiss Tax Move 7/29/2011 In a tax-blow to the UK exchequer, the Virgin Group is planning to shift a portion of its operations to Switzerland to maximize tax efficiency.
	IRS Bolsters Transfer Pricing Compliance Programmes 7/29/2011 The United States Internal Revenue Service has announced it is taking additional steps in the continuing efforts to improve the agency’s international operations, particularly with regard to transfer pricing.
	Singapore Enhances International Tax Training 7/26/2011 Singapore's Minister of State for Finance and Transport, Josephine Teo, in her speech to the annual conference of the Tax Academy of Singapore, said that, as Singapore is home to a large number of multinational enterprises, it is vital that tax professionals have the skills to meet the challenges of an increasingly complex tax environment.
	Anti-Offshore Bill Reintroduced In US Congress 7/14/2011 Carl Levin, the Democrat Chairman of the United States Senate Permanent Subcommittee on Investigations, has introduced legislation, entitled the Stop Tax Haven Abuse Act, which is aimed against so-called offshore tax loopholes.
	African Countries Discuss Transfer Pricing 7/7/2011 Within the Africa Tax Administration Forum, the tax authorities of several African countries are considering how to collaborate in exchanging information on the transfer pricing practices of multinational companies operating in their countries.
	Vodafone's Indian Tax Bill May Double 7/6/2011 Leading telecoms company Vodafone has warned that the firm's back tax liability in India could double if the Indian Supreme Court rules in favour of the country's tax authorities with regard to a long-standing tax dispute.
	UK Releases New CFC Rules 7/4/2011 As part of its ongoing overhaul of the tax system, the UK government has published its proposals for the reform of the Controlled Foreign Company regime.
	Carey Olsen Advises On 'Pioneering' Offshore Restructuring 6/22/2011 Carey Olsen has been involved in a pioneering deal to move an international industrial services business from London's Alternative Investment Market to the London Stock Exchange main market.
	Singapore Reviews Companies Act 6/23/2011 Singapore’s Ministry of Finance and the Accounting and Corporate Regulatory Authority have invited public feedback on the final report of the Steering Committee that has been reviewing the Companies Act, and on a review of the regulatory framework for foreign entities in Singapore.
	South Africa Consults On 2011 Budget Bills 6/6/2011 South Africa’s National Treasury has released for public comment a draft of the 2011 Taxation Laws Amendment Bills that give effect to most of the 2011 Budget tax proposals, as well as to additional urgent measures.
	Irish Businesses Sceptical Of Economic Recovery 6/1/2011 The Irish government must maintain the low rate of corporate tax, while implementing a strong economic recovery plan, according to a new survey, which also shows that business confidence in the state of the Irish economy remains low.
	Trade Policy Crucial To LatAm, EU Partnership 5/26/2011 A successful trade policy is one of the key tools with which a continuing bi-regional partnership is to be achieved, the Euro-Latin Parliamentary Assembly has argued, setting out what it sees as the prospects for trade relations between the European Union and Latin America.
	UK CFC Rules Still Break EU Law 5/23/2011 The UK must amend its legislation on the tax treatment of controlled foreign companies, as it fails to fulfil European Union Treaty obligations or adequately take into account relevant court rulings, the European Commission has said.
	OECD Praises Russian Transfer Pricing Changes 5/19/2011 Amendments to Russia's transfer pricing rules, designed to improve efficiency and reduce tax avoidance, have been welcomed by the Organization of Economic Co-operation and Development, which says such changes would bring them largely in line with international standards.
	India Gears Up For Transfer Pricing Changes 5/17/2011 Tax experts in India have called for the country’s transfer pricing system to have in-built mechanisms for smooth negotiation and conflict resolution, as radical changes are underway for the Direct Tax Code, most likely coming into effect from April 1, 2012.
	New Zealand International Tax Bill Reported Back 5/17/2011 The New Zealand government’s Finance and Expenditure Committee has reported to Parliament on the Taxation (International Investment and Remedial Matters) Bill introduced in October last year.
	US Corporate Repatriated Profits Tax Holiday Bill Introduced 5/13/2011 Several United States Congressmen, from both the Republican and Democrat parties, have introduced into the House of Representatives the Freedom to Invest Act of 2011 which, by temporarily lowering tax barriers, looks to encourage American companies with profits overseas to bring them back to the US for investment.
	Netherlands Eager To Cut Corporate Tax Burden 4/29/2011 Dutch State Secretary of Finance, Frans Weekers has announced that his fiscal agenda includes increasing taxes on consumption whilst reducing the tax burden on companies in an effort to increase the number of international investors positioning headquarters in the Netherlands.
	UBM Considering Return To UK 4/22/2011 United Business Media could relocate back to the UK in the coming months, its chief financial officer has hinted.
	IBM Loses Australian Transfer Pricing Case 4/19/2011 IBM has lost a AUD55m federal court case against the Australian Tax Office, a decision which could have major ramifications for other technology companies operating in Australia.
	China Tightens Transfer Pricing Audits 4/19/2011 The Chinese State Administration of Taxation is further strengthening its audit of transfer pricing methods, after a rise in revenues generated from such action over the past two years.
	Study Highlights High US Effective Tax Rates 4/18/2011 The Business Roundtable, an association of chief executive officers of leading United States companies, has released the findings of a study it commissioned from PricewaterhouseCoopers, which examined the global effective corporate tax rates reported by US and foreign-headquartered companies on their financial statements.
	Germany Plans Cross-Border Loss Relief 4/6/2011 Bowing to pressure from the European Commission, the German government is believed to be planning to introduce a new tax break, designed to reduce the burden on German companies by enabling losses incurred by subsidiary companies established abroad to be offset against the profits of the parent company based in Germany.
	India Relaxes FDI Rules 4/6/2011 India's Commerce Ministry has relaxed rules governing foreign direct investment after more than 15 years, so that foreign companies can establish fully-owned subsidiaries in India without having to gain the permission of their Indian partners.
	Australia Reviews Consolidation Rules 4/4/2011 Uncertainty around the operation of the 'consolidation rights to future income and residual tax cost setting rules' has prompted Australian Assistant Treasurer, Bill Shorten, to commission the Board of Taxation to review the rules and clarify their scope.
	Puerto Rican Tax Deductible In US, For Now 4/4/2011 The Internal Revenue Service has issued a preliminary notice stating that it will not challenge a United States corporate taxpayer’s position that Puerto Rico’s temporary 4% excise tax be allowable as a credit against its federal tax liability.
	IRS Issues 2010 APA Review 4/1/2011 As it is required to do, the United States Internal Revenue Service has issued an annual report reviewing the structure and activities of its Advance Pricing Agreement programme during 2010.
	Australia Issues Guidance On APAs 3/31/2011 The Australian Tax Office has released guidance for taxpayers, their advisers and ATO staff on new processes designed to enable its advance pricing arrangement program to cope with increasing demand and complexity.
	AstraZeneca Settles US Tax Dispute 3/31/2011 AstraZeneca, the global biopharmaceutical company, has stated that it now expects to pay a net amount of USD1.1bn to resolve all United States transfer pricing and related valuation matters for all periods from 2000 to the end of 2010.
	Transfer Pricing Remains Key Corporate Challenge 3/29/2011 The overriding observation from the 2010 Global Transfer Pricing Survey of tax directors and international tax practitioners, produced by Ernst and Young, is that transfer pricing remains a key tax challenge for the world’s leading companies.
	NZ Ministers Highlight Tax Changes 3/28/2011 New Zealand’s second round of Budget 2010 tax changes will help make businesses more competitive and further rebalance the economy towards savings and exports, Finance Minister Bill English (pictured) and Revenue Minister Peter Dunne have said.
	US Treasury Rejects Corporate Tax Holiday 3/28/2011 Michael Mundaca, the Assistant Treasury Secretary for Tax Policy, has attacked suggestions that a tax break could be considered for United States companies repatriating profits from their overseas operations, saying that it would only be possible in the context of broader corporate tax reform.
	Fortuno Plugs Puerto Rico's Fiscal Plan 3/27/2011 Luis G. Fortuno, the Governor of Puerto Rico, used a recent speech to the Municipal Forum of New York to confirm that the United States territory’s USD1bn budget deficit will be closed within two years, and that a series of economic reforms have been initiated on the island.
	Italy Increases Scrutiny Of Takeovers 3/25/2011 Italy’s Revenue Agency has disclosed that it is checking the tax implications arising out of the sales of substantial shareholdings in Parmalat and Bulgari to French companies, while the Italian government has approved a decree aimed at restricting takeovers in certain strategic industrial sectors.
	Cantor Calls For US Profit Repatriation Tax Break 3/24/2011 During remarks at Stanford University’s Hoover Institution, the United States House of Representatives Republican Majority Leader Eric Cantor has unveiled his ideas on corporate tax reform within a pro-growth economic plan.
	Vodafone Dismisses Indian Tax Compromise 3/23/2011 Vodafone has said that it continues to believe the company had no tax liability over the purchase of an Indian mobile phone company in 2007, despite reports that it is ready to compromise with the Indian tax authorities.
	Irish Firms Hostile To CCCTB 3/21/2011 Irish business groups have reacted with concern to the European Commission's proposals for a Common Consolidated Corporate Tax Base, arguing that it could lead to a reduction in the EU's competitiveness, and make the area less attractive to prospective investors.
	Dunne Outlines NZ Tax Reforms 3/17/2011 Continuity and change was the theme of Peter Dunne’s speech to the International Fiscal Association Conference in Wellington last week.
	EU Parliament Backs Tobin Tax 3/9/2011 The European Parliament in Strasburg has, by an overwhelming majority, voted in favour of the introduction of a financial transactions tax at European level.

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