LONDON, Feb 11 (Reuters) – British authorities may follow a
trail set by their U.S. counterparts in investigating
allegations that HSBC’s Swiss private bank helped its customers
dodge taxes, lawyers say.
Any prosecution against the bank or individuals could hinge
on whether HSBC’s Swiss private banking unit sent staff
to the UK and advised clients on how to evade British taxes and
whether top executives were aware of any such advice.
LONDON, Feb 5 (Reuters) – A panel of British lawmakers has
accused drugmaker Shire and accountancy firm PwC of
extensive tax avoidance and urged the government to tighten
regulation of corporate tax advisers to curb the practice.
The parliamentary Public Accounts Committee said on Friday
that thousands of internal PwC documents released by a
consortium of international journalists last year showed that
Shire had used 10 billion pounds ($15.3 billion) of
intra-company loans to shift profits to Luxembourg, where it
paid tax at an effective rate of only 0.0156 percent.
LONDON, Feb 5 (Reuters) – Big oil companies had a poor
record of finding and producing oil and gas last year, according
to figures out in the past week – and big cuts in spending in
response to falling crude prices could undermine their plans to
turn that around.
Four of the world’s six biggest oil firms by market value -
Royal Dutch Shell, Chevron, BP and
ConocoPhillips – released provisional figures showing
together they replaced only two-thirds of the hydrocarbons they
extracted in 2014 with new reserves.
LONDON (Reuters) – About five years ago, General Electric Co, the largest Western player in Russia’s market for medical equipment, uncovered pervasive corruption in its Russian business. Ferdinando Beccalli-Falco, then chief executive of GE Germany and Developed Markets, told an investor conference in 2012 that senior management became aware of the problems around 2009.
“We had to eliminate more than half of our healthcare organization because we discovered that they were happily scamming our customers, scamming against us and scamming against the government,” Beccalli-Falco told the conference.
MOSCOW/LONDON, Dec 19 (Reuters) – Russia pays hugely inflated prices for vital medical equipment made by Western companies, in part because some manufacturers channel sales through obscure intermediary companies, a Reuters examination has found.
These middlemen firms, which have no easily traceable owners or offices, add mark-ups that mean Russian state hospitals frequently pay two or three times more than hospitals in the West for the same equipment. A Reuters examination of Russian customs data and state procurement records shows the price differences can be hundreds of thousands of dollars on a single item.
MOSCOW/LONDON, Dec 19 (Reuters) – Russia pays hugely
inflated prices for vital medical equipment made by Western
companies, in part because some manufacturers channel sales
through obscure intermediary companies, a Reuters examination
These middlemen firms, which have no easily traceable owners
or offices, add mark-ups that mean Russian state hospitals
frequently pay two or three times more than hospitals in the
West for the same equipment. A Reuters examination of Russian
customs data and state procurement records shows the price
differences can be hundreds of thousands of dollars on a single
LONDON (Reuters) – A new British tax on companies that shift profits out of the country and into tax havens will target inter-company fees for services like use of intellectual property, according to a Treasury document seen by Reuters.
Companies will also be required to report their potential liability to the new tax, which the note said will sit outside the existing corporate tax system. That is intended to avoid legal challenges under existing tax treaties with countries like Ireland, a major conduit for shifted profits.
LONDON (Reuters) – Tax deals that entertainment giant Walt Disney Co., commodities group Koch Industries [KCHIN.UL] and others agreed with the Luxembourg authorities were revealed on Tuesday by the International Consortium of Investigative Journalists (ICIJ).
The ICIJ said the two companies engaged in complex restructurings, and channeled hundreds of millions of dollars in profits between 2009 and 2013 through Luxembourg subsidiaries that enjoyed tax rates of less than 1 percent.
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.
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.