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Ireland writes to U.S. Senators to reject tax claims

May 31, 2013 11:46
DUBLIN (Reuters) - Ireland has formally rejected claims by U.S. Senators Carl Levin and John McCain that Ireland is a tax haven and that it handed Apple a special tax deal. Ireland's ambassador to the United States Michael Collins has written a letter to the two senators emphasizing that Ireland's tax system is transparent, according to the text released by the finance ministry on Friday which echoed points made by Irish ministers and officials.

Insight: How U.S. Treasury's tax loophole mistake saves companies billions each year

May 30, 2013 20:45
By Kevin Drawbaugh and Andy Sullivan WASHINGTON (Reuters) - As the U.S. economy crumbled in early 2009, President Barack Obama offered a plan that he said would save American jobs: a crackdown on corporate tax loopholes that encourage companies to send profits abroad to avoid paying billions of dollars in U.S. taxes each year.

OECD drive against tax avoidance gets fresh backing

May 30, 2013 18:30
By Leigh Thomas PARIS (Reuters) - The days when multinational companies could exploit fiscal loopholes to escape tax could soon be numbered, after governments gave the OECD strong backing to design an international clampdown on corporate tax avoidance. Ministers from Organisation for Economic Cooperation and Development and other countries backed OECD efforts on Thursday to press ahead with new guidelines to ensure firms are not able to pay little or no tax due to differences between tax regimes.

Exclusive: Europe plans major scaling back of financial trading tax

May 30, 2013 14:48
By John O'Donnell and Ilona Wissenbach BRUSSELS (Reuters) - European countries planning a tax on financial transactions are set to drastically scale back the levy, cutting the charge by as much as 90 percent and delaying its full roll-out for years, in what would be a major victory for banks. Such sweeping changes would blunt the impact of the tax, pushed for by German Chancellor Angela Merkel and popular with voters who blame bankers for the financial crisis.

Exclusive: Europe plans major scaling back of financial trading tax

May 30, 2013 09:02
By John O'Donnell and Ilona Wissenbach BRUSSELS (Reuters) - European countries plan to scale back a proposed financial transactions tax drastically, initially imposing a tiny charge on share deals only and taking much longer than originally intended to achieve a full roll-out. While yet to be formally proposed, the sweeping revisions would mark a victory for banks and trading organizations which have lobbied furiously against a scheme aimed at making them contribute to the costs of the financial crisis.

FSS launches inspection into forex details of suspected tax evaders

Yonhap News AgencyMay 30, 2013 02:58
SEOUL, May 30 (Yonhap) -- The financial regulator said Thursday it has launched an inspection into foreign exchange dealings by suspected tax evaders recently exposed by local online media, amid growing allegations over their offshore tax haven accounts. The Financial Supervisory Service (FSS) has started looking into details on foreign exchange transactions by 12 suspected tax evaders, mostly high-profile Korean business leaders, to find out whether they have violated related law, its officials said.

Prosecution traces origin of assets in borrowed-name accounts

Yonhap News AgencyMay 27, 2013 21:00
SEOUL, May 28 (Yonhap) -- Prosecutors are tracing the origin of assets hidden under borrowed-name accounts dating back to 2008 as part of their probe into allegations that a local food and entertainment conglomerate amassed a massive slush fund offshore and evaded taxes, sources close to the investigation said Tuesday.

Germany says financial transaction tax unlikely to come soon

May 27, 2013 17:01
BERLIN (Reuters) - German government officials are playing down prospects for introducing a financial transaction tax in the near future after a member of the opposition Social Democrats (SPD) broke ranks and described the project as "rubbish". The SPD has been a driving force behind the tax, which would force the financial sector to contribute to the costs of future crises and has won the backing of 11 euro zone states.

Prosecution traces stock trading of CJ group for slush fund probe

Yonhap News AgencyMay 27, 2013 02:00
SEOUL, May 27 (Yonhap) -- Prosecutors are tracing records of CJ Group's stock trading as part of their probe into allegations that the local food and entertainment conglomerate amassed a massive slush fund offshore, sources close to the investigation said Monday. The Seoul Central District Prosecutors' Office believes that the country's 14th-largest conglomerate allegedly used slush funds secretly held in borrowed-named offshore bank accounts to purchase shares of its domestic subsidiary, they said.

Ireland considering reform of corporate tax system: paper

May 26, 2013 07:00
DUBLIN (Reuters) - The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported. Ireland has been criticized by British and U.S. legislators in recent weeks for the fact that multinationals like Apple and Google reduced their global tax bills by channeling profits through Irish subsidiaries.
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