Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
Nov 14, 2014

EU says Starbucks’ ‘very low’ Dutch tax deal may be illegal

BRUSSELS/LONDON (Reuters) – A tax deal the Netherlands cut with Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) may be illegal state aid, European Union regulators said on Friday, part of a crackdown on members attracting investment by helping companies to avoid tax.

Luxembourg, Ireland, Malta, Belgium, Cyprus and Gibraltar are also facing scrutiny over tax deals they have struck with multinational companies.

Oct 14, 2014

Irish tax changes may cost U.S. groups billions

LONDON, Oct 14 (Reuters) – Ireland’s plan to close a “Double
Irish” tax loophole could cost U.S. companies including
Apple and Google billions of dollars, although
a new break and pressure to tackle tax avoidance elsewhere means
they are unlikely to decamp.

Analysts and tax advisers predict that corporations which
need access to the EU’s 500 million consumers will find it
difficult to set up equally effective schemes in other member
states as Brussels investigates arrangements that involve paying
minimal tax rates.

Sep 30, 2014

EU says Ireland swapped Apple tax deal for jobs

BRUSSELS/LONDON (Reuters) – The European Union has accused Ireland of swerving international tax rules by letting Apple shelter profits worth tens of billions of dollars from revenue collectors in return for maintaining jobs.

European Competition Commissioner Joaquin Almunia told the Dublin government in a letter published on Tuesday that tax deals agreed in 1991 and 2007 amounted to state aid and may have broken EU laws.

Sep 30, 2014

EU says Ireland tax deal with Apple was state aid

BRUSSELS/LONDON (Reuters) – The European Union has accused Ireland of giving Apple Inc. state aid by letting the iPhone maker shelter profits worth tens of billions of dollars from tax, in return for maintaining jobs.

European Competition Commissioner Joaquin Almunia told the Dublin government in a letter published on Tuesday that tax deals agreed in 1991 and 2007 appeared to amount to state aid that may have broken EU laws.

Sep 23, 2014

Tesco-style accounting risks well known in retail industry

LONDON, Sept 23 (Reuters) – Tesco Plc’s disclosure of huge
accounting mistakes over contracts with its suppliers shocked
industry analysts and executives, but not because they didn’t
realise the potential for disaster.

On the contrary, they assumed that everyone in retailing was
fully aware of the risks involved in accounting for rebates paid
by suppliers to Britain’s biggest supermarket groups, thanks to
auditors’ warnings.

Sep 16, 2014

OECD unveils proposals to curb corporate tax avoidance

LONDON, Sept 16 (Reuters) – New international tax rules
proposed on Tuesday could eliminate structures that have allowed
companies such as Google Inc and Amazon.com Inc
to shave billions of dollars off their tax bills.

The Organisation for Economic Cooperation and Development
(OECD) announced a series of measures that, if implemented by
members, could stop companies from employing many commonly-used
practices to shift profits into tax havens.

Sep 16, 2014

New global plans unveiled to crack down on corporate tax avoidance

LONDON, Sept 16 (Reuters) – Plans for a major rewriting of
international tax rules unveiled on Tuesday could eliminate
structures that have allowed companies like Google Inc
and Amazon.com Inc to shave billions of dollars off
their tax bills.

The Organisation for Economic Co-operation and Development
(OECD) announced a series of measures that, if implemented by
members, could stop companies from employing many commonly-used
practices to shift profits into tax havens.

Sep 2, 2014

Exclusive – Burger King has maneuvered to cut U.S. tax bill for years

LONDON (Reuters) – Burger King may have taken a lot of flack in the past week for a deal that should curb its U.S. tax bill but in many ways it is consistent with the burger chain’s aggressive tax-reduction strategies in recent years.

Some U.S. lawmakers and other critics attacked the company that is the home of the Whopper for deciding to move its tax base to Canada from the U.S. through its proposed purchase of Oakville, Ontario-based coffee and doughnut chain Tim Hortons. They say it will allow Burger King to avoid paying some U.S. taxes.

Sep 2, 2014

Insight – Burger King has maneuvered to cut U.S. tax bill for years

LONDON (Reuters) – Burger King may have taken a lot of flack in the past week for a deal that should curb its U.S. tax bill but in many ways it is consistent with the burger chain’s aggressive tax-reduction strategies in recent years.

Some U.S. lawmakers and other critics attacked the company that is the home of the Whopper for deciding to move its tax base to Canada from the U.S. through its proposed purchase of Oakville, Ontario-based coffee and doughnut chain Tim Hortons (THI.TO: Quote, Profile, Research). They say it will allow Burger King (BKW.N: Quote, Profile, Research) to avoid paying some U.S. taxes.

Sep 2, 2014

Burger King has maneuvered to cut U.S. tax bill for years

2 (Reuters) – Burger King may have taken a lot
of flack in the past week for a deal that should curb its U.S.
tax bill but in many ways it is consistent with the burger
chain’s aggressive tax-reduction strategies in recent years.

Some U.S. lawmakers and other critics attacked the company
that is the home of the Whopper for deciding to move its tax
base to Canada from the U.S. through its proposed purchase of
Oakville, Ontario-based coffee and doughnut chain Tim Hortons
. They say it will allow Burger King to avoid
paying some U.S. taxes.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
    • Follow Tom