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The Irish loophole behind Apple's low tax bill

May 21, 2013 21:45
By Tom Bergin LONDON (Reuters) - Apple's <AAPL.O> ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world.

IRS acted alone in planted question about targeting Tea Party: Lew

May 21, 2013 11:46
WASHINGTON (Reuters) - Treasury Secretary Jack Lew said on Tuesday that Internal Revenue Service employees acted alone in making public the agency's handling of tax exemptions for Tea Party groups and that he would have advised against it. Details of the IRS targeting of conservative political groups seeking tax-exempt status came in response to a question at the American Bar Association conference in Washington earlier this month.

Apple CEO makes no apology for company's tax strategy

May 21, 2013 08:01
By Patrick Temple-West and Kevin Drawbaugh WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.

Ireland says not to blame for Apple's low tax rate

May 21, 2013 05:30
By Conor Humphries DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low.

Apple uses companies outside US to avoid paying billions in US taxes, Senate inquiry finds

The Canadian PressMay 20, 2013 18:00
WASHINGTON - Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found. The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.

U.S. justices rule for PPL Corp in overseas tax case

May 20, 2013 12:16
By Lawrence Hurley WASHINGTON (Reuters) - The Supreme Court on Monday ruled for utility PPL Corp <PPL.N> in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments. The court ruled on a unanimous vote that Pennsylvania-based PPL can claim $39 million in U.S. foreign tax credits against a 1997 British windfall tax.

Special interests defend breaks in report on tax overhaul

May 15, 2013 12:33
By Kim Dixon WASHINGTON (Reuters) - "Tax the other guy, not me!" was the main message from a variety of special interest groups commenting on tax breaks in a report issued on Monday, underscoring the problems faced by the U.S. Congress as it considers a revamp of the tax code. Republican Dave Camp, chairman of the powerful tax-writing Ways and Means panel in the U.S. House of Representatives, commissioned the report.

Dijsselbloem attacks EU financial tax plans

Agence France-PresseMay 7, 2013 11:43
Dutch Finance Minister Jeroen Dijsselbloem, who also heads the single currency eurozone, said Tuesday his government will fight current plans by 11 EU states to implement a controversial tax on financial transactions (FTT). Taking questions from a European Parliament economics committee, Dijsselbloem insisted he was speaking in his capacity as a national finance minister and not as Eurogroup chairman.

Factbox: Key facts about Mexico's tax system

May 7, 2013 10:44
MEXICO CITY (Reuters) - Mexico's new government has promised a comprehensive review of its tax system, to be announced in the second half of 2013 along with an overhaul of energy policy. Here are some facts about the country's tax system: * Mexico received 1.3 trillion Mexican pesos ($107.5 billion) in net tax revenue in 2012, equivalent to 8.5 percent of gross domestic product (GDP) and split roughly 60/40 between income and sales taxes.

Factbox - Spain's new economic reforms plan

April 26, 2013 14:15
MADRID (Reuters) - Spain's government on Friday announced a new plan for reforms it intends to pass by next year. The plan treads a fine line between stimulating growth and austerity through tax reforms and increased efficiency after the European Union agreed to give Spain more leeway to cut its public deficit. Prime Minister Mariano Rajoy also hopes the new strategy will help turn around the ailing Spanish economy in time to win re-election in 2015. Here is a list of the main reforms announced on Friday:
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