tax avoidance tagged posts

NZ Cracks Down on Tax Avoiders

December 8, 2017 Taxation in New Zealand

New Zealand tax rulesWELLINGTON – New Zealand may soon step up against large multinational businesses arranging their affairs to skip paying taxes in the country.

On December 8th the Taxation (Neutralising Base Erosion and Profit Shifting) Bill was introduced into parliament in New Zealand.

The bill will, if approved, help control the occurrence of tax evasion and avoidance committed in New Zealand by multinational companies.

The newly proposed rules are based on similar rules enacted and proposed around the world for combating tax evasion and base erosion.

The key points in the bill revolve around aggressive tax planning and the misuse of intercompany loans, hybrid mismatches, artificial arrangements, and illicit transfer pricing practices.

It is expected that if the new rules are implemented, they will lea...

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International Tax Avoidance Still Problem

November 11, 2015 International Tax Cooperation

LONDON – Both developed countries and developing countries are loosing out on tax revenues due to a continued lack of progress in fighting international tax avoidance.

Large multinational businesses are still using international tax rules to avoid paying taxes in the countries where they raise profits, according to information contained in a new collaborative report released on November 10th by Tax Justice Network, Oxfam, Global Alliance for Tax Justice and Public Services International.

According to the results in the report, in 2012 US multinational businesses shifted as much as USD 700 billion of profits to jurisdiction with not corporate income taxes.

The level of profits shifted is equivalent to approximately a quarter of the total profits earned.

It was claimed that the large leve...

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International Secrecy List Released

November 3, 2015 International Tax Cooperation

LONDON – Most developed countries around the world are taking steps to improve transparency,however, the USA and developing countries are not following through to implement rules aimed at decreasing secrecy.

On November 2nd the international group the Tax Justice Network issued the results of new research with a ranking of the most secretive jurisdictions in the world.

The results of the research showed that the most secretive jurisdiction are Switzerland, Hong Kong, USA, Singapore, Cayman, Luxembourg, Lebanon, Germany, Bahrain, and the UAE.

It was noted that most developed countries in the world have recently taken, and are continuing to take, positive steps towards increasing transparency, by implementing systems for the automatic exchange of information, requiring the disclosure of be...

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Multinationals Dodge $200 Billion Per Year

June 25, 2015 International Tax CooperationOffshore Taxation

GENEVA – Foreign investment is being routed via financial hubs and tax havens almost exclusively for the purposes of evading taxes.

In a recently released report the United Nations Conference on Trade and Development has claimed that multinational businesses around the world avoid approximately USD 200 billion per year.

The taxes are being avoided by routing foreign investment through financial hubs and tax havens.

It was noted that in some cases there are genuine reasons for foreign investment to be sent via a third country, but, according to the information in the report, in most cases the actual reasons was solely to minimize tax obligations.

It is estimated that investment via such intermediary countries accounts for 18 percent of all foreign investment coming into countries in Nort...

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Australia’s Largest Companies Avoiding Taxes

September 30, 2014 Taxation in Australia

Taxes in AustraliaCANBERRA – Australia’s largest companies are actively taking steps to lower avoid their taxes, with 14 percent of companies paying no taxes at all.

Approximately one third of the companies in the Australian ASX 200 pay an effective tax rate of less than 10 percent and 57 percent of the companies have subsidiaries in secrecy jurisdictions, according to the result in a new report issued on September 30th by the independent group United Voice.

The experts of the United Voice noted that alongside the 29 percent of companies which pay less than 10 percent tax on their earnings, another 14 percent of companies pay no tax at all, while the headline tax rate of 30 percent.

The tax avoidance committed by these largest companies in Australia amounts to a loss of tax revenues equivalent to AUD 8...

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