Foreign-Profit Tax Break Is Outlined
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The Bush administration outlined rules for a huge one-time tax break for companies that reinvest their overseas profits back into the United States.
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A corporate tax bill offering huge tax breaks to US manufacturers in return for removing export subsidies is approved by Congress.
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The European Commission will on Wednesday rule that some of France's biggest companies were given illegal aid in the form of government tax breaks, the Financial Times reported.
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Some of the United States&#39; biggest, most profitable corporations saw their federal income tax rates decline over the last three years, thanks to recent tax cuts, according to a liberal think tank in Washington.
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Some companies score profits by collecting tax breaks to move to certain states.
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The federal government could cut the corporate tax rate significantly without sacrificing revenue by eliminating an array of popular but narrowly targeted tax breaks such as the research-and-development tax credit, according to a Treasury paper released yesterday.
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Business & money: Â· Threat to move abroad if tax breaks are scrappedÂ· 'We are driving growth and efficiency in Britain'
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A new law raising income taxes on foreign firms in China that takes effect on January 1 will be phased in over five years to cushion the blow, Chinese Finance Minister Jin Renqing said Friday.
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(InfoWorld) - A recent financial filing from Sandisk in Ireland illustrates the sometimes controversial nature of the corporate tax regime in the country. While Sandisk has joined scores of other companies attracted to Ireland for its low corporate tax rate, the company appears to represent an extreme example of benefiting from the tax environment. In a financial statement filed in Ireland earlier this month, Sandisk Manufacturing, the Irish subsidiary of Sandisk Corp., reported four employees and revenue of $955 million between the period when the company first opened up in Ireland, April 2005, and the end of 2005. Sandisk Corp. had 1,083 employees at the end of 2005 and reported revenue for the year of $2.3 billion. Other U.S. technology companies with offices in Ireland, such as Google and Microsoft, have also had their Irish financial reports scrutinized for generating revenues that appear out of proportion to the number of employees in the country. Google and Microsoft each employ hundreds of workers in the country. "The fact that [Sandisk has] only four people and a billion dollars makes them stick out a bit more," said John Gilsenan, an independent analyst who sometimes consults for IDC Ireland. In the Sandisk example, just four employees in Ireland out of 1,083 around the world appeared to generate nearly half of the company's revenue. The tax regime benefits the Irish government but could become a sore point for other countries. "I certainly don't think that there's any impetus from the Irish government for this to change," said Gilsenan. While the Irish government is likely pleased to earn the tax from companies like Sandisk, the governments where the companies are based might start looking for ways to ensure they can collect their fair share of taxes from the companies, he said. Ireland's low corporate tax rate dates back to the 1950s and its current 12.5 percent rate was set in the 1990s. The tax rate, far lower than in most other countries, has attracted many companies to open operations in Ireland, spurring the current economic boom in the country. In April last year, Sandisk announced plans to transfer its Europe, Middle East and Africa headquarters to Dublin and employ 50 people by the end of this year. In a statement announcing the move, it said it already had 12 people working in Dublin managing supply chain and sales support functions for Sandisk. A Sandisk spokesperson was not available to comment on its financial statement or Dublin operations.
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AmericaÂs biggest corporations are increas- ingly funneling profits earned in the United States to tax havens around the globe, accord- ing to a new study.
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Our annual guide for American investors wanting to invest overseas.
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The agricultural operator's shortfall? Taxes.
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House and Senate negotiators hope to wrap up work on a major rewrite of corporate tax law that would end a nasty trade dispute with Europe while showering more than &#36;130 billion in tax breaks on a wide variety of businesses from ethanol producers to movie makers.
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"Once a body has economic activities attached to it, then there can be a distortion of competition and it wouldn't be the first time we look at advantages given to the Church in various member states"  BRUSSELS, Belgium-The European Commission has asked the Italian government to explain a tax break for Catholic Church clinics or hostels that may break EU rules on state subsidies by giving an unfair advantage ... via FindLaw
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Some tax planning can be a particularly smart move over the next two weeks.
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Take advantage of tax breaks by donating in December.
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The French government said it would offer companies tax breaks and other incentives worth more than one billion euros (1.2 billion dollars) to encourage them to keep jobs in the country rather than outsource them.