Apple: ‘Even before last week’s Senate hearing on Apple, it was clear that the aggressive use of tax havens and other tax avoidance tactics had become standard operating procedure for global American companies.
‘And that is the problem. Rampant corporate tax avoidance may not be illegal, but that doesn’t make it right or fair. As corporate tax revenue has withered as a share of the [US] economy and as a share of total revenue, Washington has leaned more heavily on individuals to pay for government ...
‘The revelations in the hearings on Apple and other companies have given Congress all the evidence it needs to justify new corporate taxes. But there are no signs yet that it has the courage to impose them.’
The New York Times, 25 May 2013
County by country reporting: ‘Big companies’ tax affairs in Europe are to be opened up to greater public scrutiny with the EU rushing out a law compelling them to reveal corporate profits and taxes on a country by country basis. Amid a political furore over allegations of tax avoidance by corporate giants such as Apple, Starbucks and Google, the EU is extending transparency reforms for banks and resources groups to all large public and private companies.
‘At a summit on Wednesday [22 May], EU leaders ditched longstanding reservations about more intrusive reporting rules and broadly backed a shake-up that could see a law passed as soon as this summer. The overhaul will have far-reaching implications for big multinationals in Europe, as most do not break down tax, profits, revenues and staff numbers by country. It would also pile public pressure on groups using low-tax bases such as Ireland or Luxembourg as a revenue hub for their European operations.’
Apple: ‘Even before last week’s Senate hearing on Apple, it was clear that the aggressive use of tax havens and other tax avoidance tactics had become standard operating procedure for global American companies.
‘And that is the problem. Rampant corporate tax avoidance may not be illegal, but that doesn’t make it right or fair. As corporate tax revenue has withered as a share of the [US] economy and as a share of total revenue, Washington has leaned more heavily on individuals to pay for government ...
‘The revelations in the hearings on Apple and other companies have given Congress all the evidence it needs to justify new corporate taxes. But there are no signs yet that it has the courage to impose them.’
The New York Times, 25 May 2013
County by country reporting: ‘Big companies’ tax affairs in Europe are to be opened up to greater public scrutiny with the EU rushing out a law compelling them to reveal corporate profits and taxes on a country by country basis. Amid a political furore over allegations of tax avoidance by corporate giants such as Apple, Starbucks and Google, the EU is extending transparency reforms for banks and resources groups to all large public and private companies.
‘At a summit on Wednesday [22 May], EU leaders ditched longstanding reservations about more intrusive reporting rules and broadly backed a shake-up that could see a law passed as soon as this summer. The overhaul will have far-reaching implications for big multinationals in Europe, as most do not break down tax, profits, revenues and staff numbers by country. It would also pile public pressure on groups using low-tax bases such as Ireland or Luxembourg as a revenue hub for their European operations.’
