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Apple moved billions offshore to avoid Australia tax

US tech giant Apple was Thursday accused of shifting nearly Aus$9 billion (US$8.1 billion) in untaxed profits from its Australian operations to Ireland over the past decade. An investigation by the Australian Financial Review obtained 10 years worth of financial accounts for Apple Sales International -- an arm of the organisation it called the "secretive" Irish company at the heart of the group's international tax arrangements.

OECD delivers new global standard to target tax cheats

The OECD on Sunday delivered a new global standard to crack down on tax evasion with more than 40 countries already committing to measures which the European Commission called "a big step" forward. Organisation for Economic Cooperation and Development (OECD) chief Angel Gurria called it "a real game-changer" that would strengthen international cooperation to catch cheats. "Globalisation of the world's financial system has made it increasingly simple for people to make, hold and manage investments outside their country of residence," he said.

OECD delivers new global standard to target tax cheats

The OECD on Sunday delivered a new global standard to crack down on tax evasion with more than 40 countries already committing to the measures. Organisation for Economic Cooperation and Development (OECD) chief Angel Gurria called it "a real game-changer" that would boost international cooperation to reel in cheats. "Globalisation of the world's financial system has made it increasingly simple for people to make, hold and manage investments outside their country of residence," he said.

Bank tax seen in plan coming from U.S. Congress's top tax writer

WASHINGTON (Reuters) - A bank tax similar to one that President Barack Obama once proposed may be part of a broad tax reform package expected to be floated on Wednesday by the top Republican tax writer in the U.S. Congress, lobbyists and analysts said on Friday. Representative Dave Camp, chairman of the tax-writing House of Representatives Ways and Means Committee, was considering the bank tax in a draft plan for tax reform, they said late Friday.

U.S. backs G20 crackdown on global tax loopholes

By Jane Wardell SYDNEY (Reuters) - The United States threw its weight behind a push to make global taxation reform a key goal for the Group of 20 advanced and emerging economies, supporting moves to close loopholes used by major multinationals to avoid tax. U.S. Treasury Secretary Jack Lew backed the need for tax harmonization, saying on Friday that all nations should adopt the automatic exchange of information as a global standard.

Global tax evasion under G20 scrutiny

US Treasury Secretary Jacob Lew described taxation reform as among the G20's most crucial initiatives Friday, as the world's major economies look to close loopholes used by huge multinational firms. "The G20's work on tax cooperation is among our most important new initiatives," he said in Sydney, backing the need for tax harmonisation. "Automatic exchange of information has quickly become the new global standard, and I believe that the G20 should continue to provide its full support and encourage all nations to adopt the standard."

Global tax evasion under G20 scrutiny

US Treasury Secretary Jacob Lew described taxation reform as among the G20's most crucial initiatives Friday, as the world's major economies look to close loopholes used by huge multinational firms. "The G20's work on tax cooperation is among our most important new initiatives," he said in Sydney, backing the need for tax harmonisation. "Automatic exchange of information has quickly become the new global standard, and I believe that the G20 should continue to provide its full support and encourage all nations to adopt the standard."

French official says 11 eurozone nations seek to propose financial transaction tax by May

BRUSSELS - A group of 11 European countries is pushing ahead with the introduction of a tax on financial transactions and wants to present a plan by May, French Finance Minister Pierre Moscovici said Tuesday. Officials started pushing for the tax in the wake of the 2008-9 financial crisis to curb speculation by investors and claw back revenues following the government bailouts of banks.

France aims for EU financial transaction tax deal by May

France pressed its European Union partners on Tuesday to agree a controversial Financial Transactions Tax (FTT) before European elections in May. "We have to have a consistent proposal on the table before the elections," French Finance Minister Pierre Moscovici said as he went into a meeting with his EU colleagues. France recently discussed the issue with Germany and will do so again Wednesday when the two governments meet, Moscovici said, hoping that they would find common ground.

NTS imposes 1 tln won in taxes through probe into offshore tax evasion

SEOUL, Feb. 17 (Yonhap) -- South Korea's tax agency said Monday that it imposed more than 1 trillion won (US$944.3 million) in taxes last year through an investigation into offshore tax evasion. A total of 1.08 trillion won was imposed as a result of its offshore tax evasion probe last year, which is a 30.6 percent rise from 2012, according to the National Tax Service (NTS). This also marked the first time that the amount surpassed the 1 trillion mark.
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