Month: July 2013

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UK Tax Research

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United Kingdom corporation tax – Wikipedia, the free encyclopedia www.sbs.ox.ac.uk/centres/tax/Documents/Corporate tax in the United Kingdom.pdf HM Revenue & Customs: Who is liable for Corporation Tax Official UK Revenue Dept. LLP pays no tax like US S-Corp In the United Kingdom LLPs are governed by the Limited Liability Partnerships Act 2000 (in Great Britain) and theLimited Liability Partnerships Act (Northern Ireland) 2002 in Northern […]

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Mind blowing speech by Robert Welch in 1958 predicting Insiders plans to destroy America

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Proof that the NEW WORLD ORDER has been planned by the elite. Robert Welch, Founder of The John Birch Society, predicted today’s problems with uncanny accuracy back in 1958 and prescribed solutions in 1974 that are very similar to Ron Paul’s positions today. This is proof that there are plans in place by the elite […]

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Financial Reforms Drove the Soviet Union Into the Grave

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Who of the famous people in Russia’s modern history said the phrase: “I wanted the best, but it turned out as always”? There is quite a list of names that comes up in this connection, although it is associated with only one man – the Minister of Finance of the USSR, Valentin Pavlov, who once […]

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G20 backs plan to stop global tax avoidance and evasion

Elite Forex Blog - Market Research & Analysis
Finance ministers from the G20 group of leading nations have formally backed plans to tackle international tax avoidance and evasion.
A statement issued earlier supports the automatic exchange of tax information between countries.
It also backs plans by the Organisation for Economic Cooperation and Development to stop firms moving their profits across borders to avoid taxes.
The OECD said some firms “abuse” current rules to avoid tax.
UK Chancellor George Osborne said the announcement, which came after a two-day G20 meeting in Moscow, was an “important step towards a global tax system that is fair and fit for purpose for the modern economy”.

‘Aggressive tax avoidance’

Last month, the G8 group of leading economies agreed a deal to “fight the scourge of tax evasion”, and nations including the UK, France, Germany, the USA and Australia are taking part in a pilot information exchange scheme.
British Prime Minister David Cameron made the issue a priority for the UK’s presidency of the G8 this year, and Australia has agreed to do the same during its G20 presidency next year.
The OECD said current tax rules, some dating to the 1920s, were created to avoid “double taxation” of companies working in more than one country – but it said they were being abused to allow “double non-taxation”.
BBC business correspondent Joe Lynam said the “bandwagon of clamping down on aggressive tax avoidance” was moving on from developed economies to emerging ones like Brazil and India.
The rules should mean bigger bills for companies which could previously “pit one country off against another in terms of tax”, our correspondent added.
The G20 asked the OECD to come up with a plan to improve tax cooperation, and the finance ministers said they “fully endorse the OECD proposal for a truly global model” of information sharing.
Their statement called on all countries to make automatic information sharing a reality “without further delay”, adding that “capacity-building support” would be provided for poorer nations.

Closing loopholes

The G20 said the changes should be in place within two years, but our correspondent called that “very ambitious” because hundreds of tax treaties exist between countries and “thousands of amendments” might be needed.
Many multinational firms currently avoid tax – legally – by means including loopholes and tax havens, but the new rules could require them to pay more in the countries where they do business.
Firms including Google, Starbucks, Amazon and Apple have been criticised for the amount of tax they pay.
Earlier this year, MPs attacked Google for routing £3.2bn of UK sales through Dublin and paying little tax as a result.
Starbucks has been questioned for transferring money to a Dutch sister company in royalty payments, though the firm agreed to pay more tax after strong public criticism.
The companies point out that these schemes are legal and they have a duty to shareholders to minimise their tax bills.
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Did A Raging Fire Burn Down JPMorgan’s Gold Vault?

Elite Forex Blog - Market Research & Analysis

Overnight there has been a flood of viral reports that ‘there was a fire at JPM’s gold vault’ based on a self-made video showing a barrage of fire trucks located on Broad Street between Wall Street and Exchange Place, further substantiated additio…

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IMF Economists Say The Economic Recovery Is A Fake

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WE ALWAYS BELIEVE THE IMF Yet another ‘leaked report’ this time tells us something we have suspected for a long time – not only concerning the IMF’s underhand “plausible denial” way of communicating bad news. The story starts with an internal IMF report called ‘confidential’ which was ‘leaked to a Wall St Journal contributor’. This […]

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Post Scarcity Economics

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We live like gods, and we don’t even know it. We fly across oceans in airplanes, we eat tropical fruit in December, we have machines that sing us songs, clean our house, take pictures of Mars. Much the total accumulated knowledge of our species can fit on a hard drive that fits in our pocket. […]

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Global Tax Chaos coming

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The OECD has stated in a report commissioned by the G20 that there will be “global tax chaos” in the next few years due to falling tax revenues from multinational companies around the world. Perhaps we could have saved a few thousand dollars by not commissioning the OECD report, since we could have all told them that was going […]

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Keeping the NSA in Perspective

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By George Friedman In June 1942, the bulk of the Japanese fleet sailed to seize the Island of Midway. Had Midway fallen, Pearl Harbor would have been at risk and U.S. submarines, unable to refuel at Midway, would have been much less effective. Most of all, the Japanese wanted to surprise the Americans and draw […]

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