Tax Havens

“ExxonMobil paid no tax on $18 billion revenue, unions allege”

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Source: 3 December 2017

“Exxon is more aggressive in minimising its tax than Chevron, which agreed to a settlement believed to be worth more than $1 billion this year, after being taken to court by the Australian Taxation Office”

“Energy giant ExxonMobil​ has not paid a cent in corporate income tax in Australia in at least two years, despite reaping more than $18 billion from the nation’s natural resources, according to three ofd the company’s workplace unions.

Tax campaigners accuse the company of cashing in on Australia’s soaring gas prices, but avoiding paying tax on its profits by sending much of its money to a network of offshore companies, some based in notorious tax havens.”

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Jean-Claude Juncker blocked EU curbs on tax avoidance

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Source: 1 January 2017

The president of the European commission, Jean-Claude Juncker, spent years in his previous role as Luxembourg’s prime minister secretly blocking EU efforts to tackle tax avoidance by multinational corporations, leaked documents reveal.

Proposals opposed by Junker’s Luxembourg included; plans for tax authorities in each member state to subject their dealings with multinational businesses to peer review; an investigation into cross-border tax avoidance strategies, known as “hybrid mismatches”, often used by multinationals to conjure up artificial tax savings; improved information sharing between member states on tax deals granted to multinationals in private.

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Temp agencies’ tax avoidance scheme costs ‘hundreds of millions’.

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Source: The Guardian 15.11.2016

An aggressive tax avoidance scheme used by temp recruitment agencies is depriving the taxpayer of “hundreds of millions” of pounds a year, a Guardian investigation has found.

A number of agencies have been making large windfalls by using “contrived” financial arrangements to slash their employer’s national insurance bills.

The schemes also generate millions more pounds for participants by exploiting VAT rules that were originally designed to benefit very small businesses.

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Bahamas: ICIJ Uncovers Names Behind Thousands of Offshore Companies

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Source OCCRP: Thursday, 22 September 2016 15:58

Organized Crime and Corruption Reporting Project (OCCRP) partner, the International Consortium of Investigative Journalists (ICIJ), has released a new leak revealing the owners and directors of tens of thousands of offshore companies in the Bahamas. The names include a former top European official.

The Bahamas documents also include the names of 539 agents that acted as middlemen between Bahamian authorities and people wishing to set up companies.

Among these agents is Mossack Fonseca, the law firm at the heart of the Panama Papers, which helped set up some 15,915 entities in the Bahamas.

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Irish MPs back Apple in appeal against EU tax ruling

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Source: The Telegraph, 8 SEPTEMBER 2016 • 12:38AM

Ireland’s parliament battled through an ill-tempered debate on Wednesday to vote in favour of appealing a European Commission ruling ordering the country to collect billions of euros in unpaid taxes from Apple.

Opinion polls reflected the divisive nature of the ruling with many citizens arguing in favour of Apple paying the back taxes.

However, the government claims Apple has paid the full amount due to the Irish state from 2004 to 2014 and denies it gave it “selective treatment”.

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