Saturday, September 10, 2016 7:34:30 PM
'Times are changing, pay your taxes', euro zone chief tells corporations
"New Panama Papers series exposes secret deals in Africa"
VIDEO: Reuters "Times are changing, pay your taxes," eurozone chief tells corporations (00:48)
By Francesco Guarascio and Jason Hovet | BRATISLAVA
Sat Sep 10, 2016 11:08pm IST
Multinational companies should refrain from tax-avoidance practices and pay their fair share, the head of euro zone finance ministers said on Saturday in a new endorsement of the European Union's fight against tax-dodging.
In the wake of the 'Panama Papers' revelations of widespread tax-avoidance practices, Brussels has toughened up its drive for fairness by tightening controls and adopting stricter rules.
The recent shock multi-billion euro tax demand on Apple was part of that trend as the EU also drafts plans for a common corporate tax base and a single European blacklist for tax havens.
"My message to those companies is you are fighting the wrong battle. You have to move on. Times are changing," the head of the eurogroup and Dutch Finance Minister Jeroen Dijsselbloem told reporters on arriving at a meeting of EU finance ministers in Bratislava.
Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem gestures during a European
Union finance ministers meeting in Brussels, Belgium, July 12, 2016. REUTERS/Francois Lenoir
"You need to pay your taxes in a fair way. Part of that would be in the U.S., part of that would be in Europe. So get ready to do that," Dijsselbloem added.
The Commission, which is in charge of protecting market competition in Europe, is investigating multinationals' tax arrangements in several EU countries to assess whether, by lowering corporations' tax bills, illegal state aid may have been given.
Online retailer Amazon.com Inc and hamburger group McDonald's Corp face European Commission probes over taxes in Luxembourg, while coffee chain StarbucksCorp has been ordered to pay up to 30 million euros ($33 million) in back-taxes to the Dutch state.
The Netherlands has appealed against the Commission's decision, and Ireland did the same in the Apple case, fearing it could undermine the country's long-established policy of attracting multinationals with low taxes.
European Commissioner Pierre Moscovici plans to unveil proposals in the coming weeks on a common tax base for multinationals operating in the EU, telling reporters the initiative was about the tax base rather than rates, which will remain in the hands of member states.
Also In Money News [2 of 4]
Wal-Mart stops selling Egyptian cotton sheets made by Welspun
http://in.reuters.com/article/welspun-india-walmart-idINKCN11G02O
British businesses 'lazy and fat', pro-Brexit trade minister says
http://in.reuters.com/article/britain-eu-trade-brexit-idINKCN11G0H2
He also said the Commission will move forward with plans to align taxes on ebooks and online press with paper publications, in line with earlier announcements.
German Finance Minister Wolfgang Schaeuble welcomed the efforts while EU Commission Vice-President Jyrki Katainen said new rules were needed to eliminate mismatches and loopholes between member states' tax systems that companies exploit.
"What is clear is that with every new case of unfair tax practise or abuse, public frustration grows," he told a news conference at the conclusion of the summit.
Ministers at the meeting also discussed a paper presented by the Slovak presidency of the EU calling for more tax certainty for multinationals. It aims to step up cooperation among EU states and also make companies' tax bills more predictable.
(Additional reporting by Shadia Nasralla in Bratislava; Editing by Helen Popper)
http://in.reuters.com/article/eu-taxavoidance-idINKCN11G0BJ
---
Meet the Woman Leading Europe’s War Against Google, Gazprom, and Apple
Margrethe Vestager, the EU’s antitrust czar, is going after some of the world’s biggest companies — and trying to redefine the 21st-century economy.
By Suzy Hansen
March 18, 2016
On a soggy, gusty morning in Brussels this January, Margrethe Vestager appeared at work in a perfectly pressed green silk blouse and well-fitted black leather skirt, not a spike of her short gray hair out of place. Vestager is known for being late — she likes to cram her schedule to the point of overflowing — but on this particular day, the European Union’s commissioner for competition was punctual, ready at noon for her seventh press conference in less than a year. Roughly 100 journalists were gathered in an auditorium at the Berlaymont, the massive, X-shaped building that houses the European Commission, anticipating a blockbuster statement from Vestager: She was ruling illegal a corporate tax-break system that Belgium had designed more than a decade prior.
This state aid, known by its slogan “Only in Belgium,” offered to slash taxes on multinational corporations’ profits by up to 90 percent. After its enactment in the pre-financial-crisis, go-go era of privatization and market liberalization in Europe, Belgium welcomed the headquarters or subsidiaries of some 35 multinational corporations, including Anheuser-Busch InBev, BP, and the telecommunications firm Proximus. These businesses pumped jobs and an avalanche of money into the national economy: AB InBev, for instance, became Belgium’s largest company by market value. It reported nearly $28 billion in global profits in 2014.
Vestager, however, told the reporters that corporations had dodged about 700 million euros in taxes, an “unfair competitive advantage” that is “bad for small companies who pay normal tax laws.” So she stood behind the Berlaymont podium, cameras flashing before her, and insisted the companies pay what they owe.
“I hope that the decision we have taken today,” she said to the room, “will help us to keep up the momentum to tackle tax avoidance not only in Europe, but also globally.” (The Belgian government claims it placed the tax-break program on hold in early 2015, when the commissioner first began investigating it.)
Vestager then took questions from the press. “Do you think we still have tax havens in the eurozone?” asked a reporter from El País, Spain’s largest daily.
“Well,” Vestager started, then paused for effect, “I don’t really know what a tax heaven is,” emphasizing the man’s accent. “To me, a tax heaven is where everyone pays their fair share. In that respect, I am not quite sure we are in tax heaven yet.”
Everyone laughed, and Vestager looked pleased. She didn’t really have to answer his question. Her actions in recent months already had.
.. well worth the read, she's a bulldog .. http://foreignpolicy.com/2016/03/18/the-face-of-justice-margrethe-vestager-eu-google-gazprom-antitrust/
See also:
Nevada, a Tax Haven for Only $174
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121716636
Americans show up in the Panama Papers, too
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121702885
A Stern Mitt Romney Attacks Donald Trump as ‘a Phony’ and ‘a Fraud’
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120943139
Panama Papers leak exposes how Vladimir Putin, Xi Jinping's friends hide money
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650204
"New Panama Papers series exposes secret deals in Africa"
VIDEO: Reuters "Times are changing, pay your taxes," eurozone chief tells corporations (00:48)
By Francesco Guarascio and Jason Hovet | BRATISLAVA
Sat Sep 10, 2016 11:08pm IST
Multinational companies should refrain from tax-avoidance practices and pay their fair share, the head of euro zone finance ministers said on Saturday in a new endorsement of the European Union's fight against tax-dodging.
In the wake of the 'Panama Papers' revelations of widespread tax-avoidance practices, Brussels has toughened up its drive for fairness by tightening controls and adopting stricter rules.
The recent shock multi-billion euro tax demand on Apple was part of that trend as the EU also drafts plans for a common corporate tax base and a single European blacklist for tax havens.
"My message to those companies is you are fighting the wrong battle. You have to move on. Times are changing," the head of the eurogroup and Dutch Finance Minister Jeroen Dijsselbloem told reporters on arriving at a meeting of EU finance ministers in Bratislava.
Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem gestures during a European
Union finance ministers meeting in Brussels, Belgium, July 12, 2016. REUTERS/Francois Lenoir
"You need to pay your taxes in a fair way. Part of that would be in the U.S., part of that would be in Europe. So get ready to do that," Dijsselbloem added.
The Commission, which is in charge of protecting market competition in Europe, is investigating multinationals' tax arrangements in several EU countries to assess whether, by lowering corporations' tax bills, illegal state aid may have been given.
Online retailer Amazon.com Inc and hamburger group McDonald's Corp face European Commission probes over taxes in Luxembourg, while coffee chain StarbucksCorp has been ordered to pay up to 30 million euros ($33 million) in back-taxes to the Dutch state.
The Netherlands has appealed against the Commission's decision, and Ireland did the same in the Apple case, fearing it could undermine the country's long-established policy of attracting multinationals with low taxes.
European Commissioner Pierre Moscovici plans to unveil proposals in the coming weeks on a common tax base for multinationals operating in the EU, telling reporters the initiative was about the tax base rather than rates, which will remain in the hands of member states.
Also In Money News [2 of 4]
Wal-Mart stops selling Egyptian cotton sheets made by Welspun
http://in.reuters.com/article/welspun-india-walmart-idINKCN11G02O
British businesses 'lazy and fat', pro-Brexit trade minister says
http://in.reuters.com/article/britain-eu-trade-brexit-idINKCN11G0H2
He also said the Commission will move forward with plans to align taxes on ebooks and online press with paper publications, in line with earlier announcements.
German Finance Minister Wolfgang Schaeuble welcomed the efforts while EU Commission Vice-President Jyrki Katainen said new rules were needed to eliminate mismatches and loopholes between member states' tax systems that companies exploit.
"What is clear is that with every new case of unfair tax practise or abuse, public frustration grows," he told a news conference at the conclusion of the summit.
Ministers at the meeting also discussed a paper presented by the Slovak presidency of the EU calling for more tax certainty for multinationals. It aims to step up cooperation among EU states and also make companies' tax bills more predictable.
(Additional reporting by Shadia Nasralla in Bratislava; Editing by Helen Popper)
http://in.reuters.com/article/eu-taxavoidance-idINKCN11G0BJ
---
Meet the Woman Leading Europe’s War Against Google, Gazprom, and Apple
Margrethe Vestager, the EU’s antitrust czar, is going after some of the world’s biggest companies — and trying to redefine the 21st-century economy.
By Suzy Hansen
March 18, 2016
On a soggy, gusty morning in Brussels this January, Margrethe Vestager appeared at work in a perfectly pressed green silk blouse and well-fitted black leather skirt, not a spike of her short gray hair out of place. Vestager is known for being late — she likes to cram her schedule to the point of overflowing — but on this particular day, the European Union’s commissioner for competition was punctual, ready at noon for her seventh press conference in less than a year. Roughly 100 journalists were gathered in an auditorium at the Berlaymont, the massive, X-shaped building that houses the European Commission, anticipating a blockbuster statement from Vestager: She was ruling illegal a corporate tax-break system that Belgium had designed more than a decade prior.
This state aid, known by its slogan “Only in Belgium,” offered to slash taxes on multinational corporations’ profits by up to 90 percent. After its enactment in the pre-financial-crisis, go-go era of privatization and market liberalization in Europe, Belgium welcomed the headquarters or subsidiaries of some 35 multinational corporations, including Anheuser-Busch InBev, BP, and the telecommunications firm Proximus. These businesses pumped jobs and an avalanche of money into the national economy: AB InBev, for instance, became Belgium’s largest company by market value. It reported nearly $28 billion in global profits in 2014.
Vestager, however, told the reporters that corporations had dodged about 700 million euros in taxes, an “unfair competitive advantage” that is “bad for small companies who pay normal tax laws.” So she stood behind the Berlaymont podium, cameras flashing before her, and insisted the companies pay what they owe.
“I hope that the decision we have taken today,” she said to the room, “will help us to keep up the momentum to tackle tax avoidance not only in Europe, but also globally.” (The Belgian government claims it placed the tax-break program on hold in early 2015, when the commissioner first began investigating it.)
Vestager then took questions from the press. “Do you think we still have tax havens in the eurozone?” asked a reporter from El País, Spain’s largest daily.
“Well,” Vestager started, then paused for effect, “I don’t really know what a tax heaven is,” emphasizing the man’s accent. “To me, a tax heaven is where everyone pays their fair share. In that respect, I am not quite sure we are in tax heaven yet.”
Everyone laughed, and Vestager looked pleased. She didn’t really have to answer his question. Her actions in recent months already had.
.. well worth the read, she's a bulldog .. http://foreignpolicy.com/2016/03/18/the-face-of-justice-margrethe-vestager-eu-google-gazprom-antitrust/
See also:
Nevada, a Tax Haven for Only $174
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121716636
Americans show up in the Panama Papers, too
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121702885
A Stern Mitt Romney Attacks Donald Trump as ‘a Phony’ and ‘a Fraud’
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=120943139
Panama Papers leak exposes how Vladimir Putin, Xi Jinping's friends hide money
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=121650204
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
