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International Tax News Blog

  • Canada: Canada's Anti-Treaty Shopping Proposals Overly Broad, Should Be Revised, TEI Says

    by Dolores W. Gregory (Bloomberg)

    Tax Executives Institute Inc. said the Canada Department of Finance's 2014 budget proposals on treaty shopping and back-to-back loans are overly broad and “likely to interfere with legitimate commercial arrangements and transactions.”
    In comments submitted April 10, TEI cautioned that if adopted as written, the measures would impede investments, or financing for such investments, in Canada.

    For the story, go here. (subscription required)

    By Gregory, Dolores W., posted on Thursday April 17, 2014
  • Tax Havens Drain $150 Billion a Year From Federal Coffers

    by Henry J. Reske (Tax Analysts, Tax Notes Today)

    Offshore tax havens deprived the federal government of $150 billion in revenue last year and states of $34 billion in revenue, according to a study released April 15 by the U.S. Public Interest Research Group (PIRG).
    Multinational corporations are the biggest offenders. The report found that those companies account for $110 billion of the revenue lost to offshore tax havens.

    For the story, go here. (subscription required)

    By Reske, Henry J., posted on Thursday April 17, 2014
  • Comments received on discussion draft on Tax Challenges of the Digital Economy published

    by OECD

    On 24 March 2014, interested parties were invited to comment on the discussion draft on Tax Challenges of the Digital Economy related to Action 1 of the BEPS Action Plan. Comments received have now been published.
    Commentators' input will be discussed by delegates to the Task Force on the Digital Economy at its April 2014 meeting.

    For the document, go here.

    By OECD, posted on Thursday April 17, 2014
  • Criticized on Taxes, Starbucks Will Move European Offices to London

    by David Jolly (NY Times)

    Starbucks, which has suffered withering criticism in Britain for avoiding taxes, said on Wednesday that it would move its regional headquarters to London from Amsterdam and pay more to the British Treasury.

    For the story, go here.

    By Jolly, David, posted on Thursday April 17, 2014
  • . Starbucks to Move European Headquarters to London

    by Peter Evans (Wall Street Journal)

    Starbucks Corp. plans to move its headquarters for Europe, Middle East and Africa to London from Amsterdam and will have to pay more U.K. tax as a result, the world's biggest coffee-store chain said Wednesday.

    For the story, go here.

    By Evans, Peter, posted on Thursday April 17, 2014
  • Starbucks to pay corporation tax on profits in the UK after HQ move

    by James Titcomb (The Telegraph)

    Coffee chain says it will pay more to the Treasury after move but that relocation is because it wants to be closer to biggest market.

    For the story, go here.

    By Titcomb, James, posted on Thursday April 17, 2014
  • Financial Instruments: NYSBA Tax Section Criticizes Top-Down Approach to Hybrid Instruments Under BEPS

    by Bloomberg

    The New York State Bar Association Tax Section said a broad “top-down” approach to putting the brakes on the use of certain hybrid financial instruments and transfers under an Organization for Economic Cooperation and Development project isn't workable and could hurt the markets.

    For the story, go here. (subscription required)

    By , posted on Thursday April 17, 2014
  • Starbucks moving European HQ to London

    by Matthew Gilleard - ITR

    Starbucks is set to pay more tax in the UK after announcing it will move its European headquarters from the Netherlands to London. It has also pledged to create 1,000 new jobs in the country.

    For the story, go here.

    By Gilleard, Matthew, posted on Thursday April 17, 2014
  • Tax Policy: Report: Money in Tax Havens Costs Each U.S. Filer About $1,259 Annually

    by Derek Wallbank (Bloomberg)

    Each U.S. taxpayer would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report.
    “Tax haven abusers benefit from America's markets, public infrastructure, educated workforce, security and rule of law—all supported in one way or another by tax dollars—but they avoid paying for these benefits,” U.S. Public Interest Research Group said in the report released April 15, the deadline for filing 2013 taxes.

    For the story, go here. (subscription required)

    By Wallbank, Derek, posted on Thursday April 17, 2014
  • Offshore Tax Havens Cost Average Taxpayer $1,259 a Year, Small Businesses $3,923

    by Dan Smith (US PIRG)

    As hardworking Americans file their taxes today, it’s a good time to be reminded that ordinary taxpayers pick up the tab for special interest loopholes in our tax laws. A new U.S. PIRG report released today revealed that the average American taxpayer in 2013 would have to shoulder an extra $1,259 in state and federal taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

    For the report, go here.

    By Smith, Dan, posted on Thursday April 17, 2014