tax haven

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G-20 Backs Global Tax Rule Meant to Boost Fairness

US treasury secretary says it should end 'race to the bottom'

(Newser) - Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations as part of an agreement on new international tax rules, a step toward building more fairness amid skyrocketing revenues of some multinational businesses. The move by the Group of 20 summit in Rome was...

How Peter Thiel Used Loophole to Amass $5B in His Roth IRA

It amounts to 'Bermuda-style tax haven right here in the US'

(Newser) - ProPublica is continuing its investigative series on how the richest of the rich avoid paying taxes, and the latest story is surprising in that it revolves around a "relatively humdrum retirement" tool—the Roth IRA. The idea behind the Roth is that modest earners can sock away money...

A Plan for Ending the Practice of Stashing Profits Overseas

The G7 agrees to a flat tax of 15%

(Newser) - The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries, per the AP . G7 finance ministers meeting in London also endorsed proposals to make the world'...

Leak Reveals Offshore Secrets of Queen, Celebrities

Trump officials also named in 'Paradise Papers'

(Newser) - A massive leak of internal documents from Bermuda-based law firm Appleby has exposed the financial secrets of many of the world's elites—but while it may cause many tough questions to be asked, no evidence of law-breaking has surfaced. The "Paradise Papers" leak of 13.4 million records...

Deutsche Bank Opens 200-Ton Gold Vault

Will bring more gold into Singapore, after country scraps tax on metals

(Newser) - Big gold-dealing Deutsche Bank has opened a 200-ton gold vault in Singapore, a move that reflects the city-state's rising status as a tax haven to rival the likes of Switzerland, Quartz reports. "Gold has traditionally been stored in London, Zurich and New York, but there is a serious...

Apple Kept Billions Out of IRS' Reach: Probe

Though tax havens and subsidiaries

(Newser) - A Senate inquiry into Apple has accused the company of keeping billions out of the reach of the IRS through tax havens and a complex network of overseas subsidiaries. The company runs its non-American operations through affiliates based in Ireland, which has a low tax rate. However, investigators say many...

World's Richest Hiding $21 Trillion From Taxman

Top 0.001% alone account for $10 trillion

(Newser) - While Democrats and Republicans argue about who should get tax cuts in America —those making $250,000 a year or $1 million annually—the really, really megarich are hiding some real money around the world in tax havens and sheltered offshore accounts reports the Guardian . In fact, at least...

The Secrets Behind Apple's Super-Low Tax Rate

Tech giant highlights government's tax problems in information age

(Newser) - Apple is one of the most profitable companies in the world—and also one of the most aggressive and creative at avoiding taxes, reports the New York Times , which outlines a number of the company's tax-avoidance strategies. Among them:
  • Despite its well-known Cupertino, California, headquarters, Apple partly avoids the

Mitt Romney Keeps Millions in Cayman Islands

Campaign defends offshore investments

(Newser) - Yet more money trouble for Mitt Romney: His campaign has been put on the defensive by reports that he has millions of dollars stashed in a Caribbean tax haven. Romney has around $8 million invested in a dozen funds based in the Cayman Islands, and another investment worth between $5...

12K Take IRS' Amnesty Deal for Offshore Loot

Agency pulls in $2.7 billion

(Newser) - Tax evaders are rushing to the IRS, cash in hand, thanks to a partial amnesty program aimed at recovering money in offshore bank accounts. In all 12,000 tax cheats came forward, the agency announced yesterday, bringing in a total of $2.7 billion. “The results we’re seeing...

How Google Avoids Paying Billions in Taxes
How Google Avoids Paying Billions in Taxes

How Google Avoids Paying Billions in Taxes

'Double Irish' and 'Dutch Sandwich' maneuvers save big bucks

(Newser) - Google has shaved a staggering $3.1 billion off its tax bill over the last three years by shuffling its earnings through Ireland, the Netherlands, and Bermuda, Bloomberg reports. Using common maneuvers like the “Double Irish” and the “Dutch Sandwich,” the search giant has brought its overseas...

UBS to Hand Over Names of 4,450 Clients

(Newser) - UBS will hand over the names of 4,450 of its American account holders as part of a tax evasion settlement, the Wall Street Journal reports, and another 5,000 names will be produced under a special IRS amnesty program. UBS won’t pay a monetary fine. Those being turned...

Obama Attacks Tax Havens to Save Health Care: Reich

(Newser) - Offshore tax havens may not be fair, but they’ve been around for decades. So why is President Obama taking them on now, Clinton Labor Secretary Robert Reich asks in Salon. It’s not to try to keep jobs here, as the White House claims; the move might even drive...

Big Biz, Dems Rebel on Offshore Tax Reforms

Business groups and lawmakers worry about effect on US competitiveness

(Newser) - President Obama’s plan to crack down on the tax practices of US-based multinationals has elicited much squawking from business groups and lawmakers who fear it may limit the competitiveness of American firms, the Hill reports. Even Democrats have greeted Obama’s proposals with trepidation: “I want to make...

White House Takes Aim at Offshore Tax Dodges

The Obama Administration will unveil details of its tax-haven crackdown today

(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which...

Firms Fight Overseas Tax Changes Worth Billions

Last year's sheltered earnings could have brought US $20B

(Newser) - Overseas tax reform plans in the works under President Obama would put a serious squeeze on top firms, which under current law can store foreign income abroad indefinitely, reports the Wall Street Journal. Ten of the biggest companies earned $58 billion in 2008 that’s now sheltered overseas—money that...

UBS Announces $1.7B More Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to...

Report: US Loses $100B Yearly to Tax Havens

Tax Day release highlight burden tax-dodging firms put on taxpayers

(Newser) - Corporations stashing their cash in tax havens cost the US—and ordinary taxpayers who shoulder the burden instead—$100 billion every year, the Huffington Post reports. A new report breaks down the loss through "shell companies and sham headquarters" by state, finding that the people of New York are...

UBS Bans Its Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the...

G20 Unveils $1T Plan to Boost Global Economy

(Newser) - The G20 leaders have agreed to a plan to pump $1 trillion into the world economy, British PM Gordon Brown announced today; the agreement will also tighten global financial regulation and crack down on secret tax havens. The plan calls for:
  • The money available to the International Monetary Fund to

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