GlobalIntelHub2

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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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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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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40 Stats That Show The U.S. Economy’s Real Collapse Over The Past Decade

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Submitted by Michael Snyder of The Economic Collapse blog [17], The “coming economic collapse” has already been happening.  You see, the truth is that the economic collapse is not a single event.  It has already started, it is happening right now, and it will accelerate during the years ahead.  The statistics in this article show very clearly that the […]

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