Posts belonging to Category taxation



EU has serious concerns about Trump 3 tax plans

Top EU economic powers warn US 

The European Union’s top five economies are warning the United States that its massive tax overhaul could violate some of its international obligations and risks having “a major distortive impact” on trade.

In a letter to U.S. Secretary of the Treasury Steven Mnuchin, the finance ministers of Germany, France, Britain, Italy and Spain wrote they had “significant concerns” about three tax initiatives in particular.

In the letter, seen by The Associated Press, the five wrote that “it is important that the U.S. government’s rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up.”

EU nations have been warily eyeing President Trump’s domestic tax proposals as they made their way through congress and have long expressed fears they might hurt world trade and EU companies in particular.

http://www.washingtonpost.com… Tue., 12  December 2017

India’s economy has bounced back

A year-long slowdown

India’s economy has bounced back from a year-long slowdown, but not enough to regain the global growth crown from China.
Gross domestic product grew by 6.3% in the three months through Sept. 30, up from 5.7% in the previous quarter. That compares with China’s growth rate of 6.8% in the same period.

Still, the numbers will be music to the ears of Indian Prime Minister Narendra Modi, whose two biggest policy decisions of the past year have been widely blamed for a slump that cut growth to its slowest pace in three years. India was the world’s fastest growing major economy at the end of 2016, with GDP expanding by 7%. But the sudden ban last November of India’s two most valuable rupee notes at the time — accounting for 86% of the country’s cash — stunned industry and brought activity in some sectors of the economy to a screeching halt.

http://www.cnn.com… Fri., 01  December 2017

Jersey, new Tax Haven for Apple

Tech giant moved the firm holding most of its vast untaxed offshore cash reserve to the Channel Island – after a crackdown in the Republic of Ireland

Tech giant Apple chose the Channel Islands as a new haven to continue avoiding billions in taxes, the Paradise Papers show. The company picked Jersey as an alternative after a 2013 crackdown on its controversial tax practices in the Republic of Ireland, they reveal.

Apple moved the firm holding most of its huge untaxed offshore cash reserve to the Channel Island, allowing it to avoid billions of tax around the world – but has insisted the secretive new structure had not cut its taxes.

http://www.independant.co.uk…  Tue.,  07  November 2017

EU wants Apple to pay taxes

EU takes Ireland to court for not claiming Apple tax windfall

The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc (AAPL.O), a move labeled as “regrettable” by Dublin.

The Commission ordered the U.S. tech giant in August 2016 to pay the unpaid taxes as it ruled the firm had received illegal state aid, one of a number of deals the EU has targeted between multinationals and usually smaller EU states.

http://www.reuters.com…  Thu.,  05  October 2017

Social Rights for 'gig economy' workers

EU seeks more protection for Uber-style jobs

The European Commission wants more social protection and rights for casual workers, such as those in the “gig economy”, and others with non-standard contracts to try to tackle growing social inequality.

The Commission’s consultation document on these plans, seen by Reuters, is part of a broader reworking of the EU’s economic priorities, after pressure from populist forces that accuse Brussels of having pursued ultra-liberal policies to the detriment of wo

http://www.reuters.comMon.,  25  September 2017

China mulls going 100% electric

China wants to ban petrol and diesel cars

The Chinese government has signalled it will join the line of nations queuing up to ban the sale of diesel and petrol vehicles in the coming decades.

A senior official has told the Chinese car sector that the industry department in Beijing has begun “research on formulating a timetable to stop production and sales of traditional energy ­vehicles”, according to a report from the state news agency Xinhua.

http://www.telegraph.co.uk…  Mon.,  11  September 2017

Obamacare: US senate votes down 'skinny repeal' of health act

The revolt of John McCain

Arizona senator John McCain provided a historic and critical vote to torpedo the Obamacare repeal bill – and with it Donald Trump’s legislative agenda – in a night of high drama on Capitol Hill. McCain, who only returned to Washington earlier this week after a diagnosis of brain cancer, joined fellow Republicans Susan Collins of Maine and Lisa Murkowski of Alaska in voting down the so-called “skinny repeal” bill 51-49. The six-term senator, who was his party’s 2008 presidential candidate against Barack Obama, told reporters “wait for the show” before arriving for the vote in the Senate chamber.

Once there, McCain was lobbied by vice-president Mike Pence, who was on the floor of the Senate to preside in case of a tie, for over 20 minutes. The two went back and forth and occasionally disappeared from the chamber altogether. But as the votes were cast, McCain, who had long nurtured a reputation as a maverick willing to buck party lines, delivered a black eye to Trump, who had famously mocked McCain as “not a war hero” during the 2016 campaign. The dramatic conclusion ended months of furious negotiating that exposed a party riven over how to dismantle a law that extended healthcare coverage to millions of Americans and has taken root in several states, in some cases with the help of Republican governors.

http://www.theguardian.com…   Fri.,  28  July 2017

Foxconn unveils $10 billion plan to build LCD display plant in US

Trump announces that Apple’s top supplier is building a $10 billion factory in Wisconsin

Taiwanese electronics manufacturer Foxconn Technology Group announced at the White House Wednesday its plans to invest $10 billion to build a massive display panel plant in Wisconsin that could employ up to 13,000 workers but would require up to $3 billion in subsidies from state taxpayers.

“America does not have a single LCD plant to produce a complicated system. We are going to change that,” Foxconn chairman Terry Gou said at a news conference. “It starts today with this investment in Wisconsin.”

Foxconn is a major supplier of Apple iPhones and other Apple devices and comes a day after President Donald Trump told the Wall Street Journal that Apple CEO Tim Cook promised him the company would build “three big plants, beautiful plants” in the U.S.

The Wisconsin-based Foxconn plant will focus on display panels used in televisions and other devices. Last year, Foxconn bought Japanese electronics maker Sharp Corp.

http://www.usatoday.com…   Thu.,  27  July 2017

Paris, Franckfurt, Dublin, Amsterdam fight to poach post Brexit businesses

France outlines plans to attract business post-Brexit

  • producing a set of measures to attract financial business due to Brexit
  • Paris has great potential
  • will cancel planned extension of tax on share trading to intra-day trading
  • will review on a case-by-case basis those French laws that go beyond the EU financial regulations they implement
  • EU financial rules will in the future be implemented in France without additional constraints, to ensure fair level playing field across single market
  • plans to scrap highest bracket of payroll tax for firms like banks that do not pay VAT
  • bankers bonuses will no longer be taken into account when labour courts calculate unfiar dismissal compensation

France out the blocks post-election in the bid to secure any spoils of Brexit fallout. Given the latest French-German alliance/initiatives then we must guess that these plans have been run past Merkel & Co. A joint share of the spoils perhaps?

http://www.forexlive.com…   Fri.,  07  July 2017

Making the Planet great again

Global climate change problems can have local solutions

When President Donald Trump withdrew the United States from the Paris agreement, the landmark climate accord signed by 196 nations that came into force in November 2016, the decision caused a significant negative backlash among other signatory countries.

Given that the US is one of the world’s largest greenhouse gas emitters, its June 1 reneging on the deal delivered a blow to the global agreement. But, as many commentators were quick to point out, as long as other leaders didn’t follow Trump’s lead, it was largely a symbolic one.

So far, the international response has confirmed this: a chain reaction of support for climate change mitigation, from grassroots up to the highest ranks of government.

http://www.theconversation.com…   Fri.,  30  June 2017