Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
Jul 21, 2013

OECD publishes plan to cut tax evasion

LONDON, July 21 (Reuters) – The Organisation for Economic
Co-operation and Development has (OECD) unveiled new plans to
tackle tax evasion by improving the way tax authorities share
information about individuals and entities like trusts.

Countries are increasingly moving to a standard of sharing
information on taxpayers even in the absence of any specific

Jul 19, 2013

G20 back fundamental reform of corporate taxation

LONDON (Reuters) – The G20 backed a fundamental rethink of the rules on taxing multinational corporations on Friday, taking aim at loopholes used by companies such as Apple (AAPL.O: Quote, Profile, Research, Stock Buzz) and Google (GOOG.O: Quote, Profile, Research, Stock Buzz) to avoid billions of dollars in taxes.

The group of leading economies released an action plan drawn up by the Organisation for Economic Co-operation and Development (OECD) that said the existing system didn’t work, especially when it came to taxing companies that trade online.

Jul 12, 2013

Amazon criticized over low German tax bill

LONDON (Reuters) – Inc’s main German unit paid income tax of just 3 million euros in 2012 after the group channeled sales to German clients of $8.7 billion via Luxembourg units, prompting one lawmaker to call for an investigation of the company.

Accounts for GmbH filed with Germany’s companies register show that the company reported profit of just 10 million euros for 2012, which was taxed at the headline German rate of 30 percent.

Jul 5, 2013

Governments to target tech giants’ tax avoidance – draft

BERLIN/LONDON, July 5 (Reuters) – Western governments are
set to target a range of tax loopholes used by technology giants
including Apple, Amazon as part of an
international drive to tackle corporate tax avoidance, a draft
action plan seen by Reuters said.

The Organisation for Economic Co-operation and Development
(OECD), which advises its mainly rich nation members on economic
and tax policies, has been charged by the G20 group of countries
with formulating measures to stop big companies shifting profits
into tax havens.

Jun 28, 2013

Starbucks reports UK loss, pays no tax for 2012

LONDON (Reuters) – Starbucks, whose thin tax payments in Britain provoked a backlash against corporate tax avoidance when revealed by Reuters, paid no tax for the year to September 30, 2012.

The coffee giant’s main UK subsidiary reported its 15th straight annual loss at its UK stores in accounts filed on Friday.

Jun 14, 2013

G8 to shy away from naming and shaming corporate tax avoiders – draft

LONDON, June 14 (Reuters) – The G8 group of leading
economies will shy away from adopting a measure aimed at curbing
tax avoidance by highlighting when companies channel profits
into tax havens, and will include a watered down alternative,
according to a draft statement.

British Prime Minister David Cameron, who is hosting the
annual G8 Summit in Northern Ireland next week, has said he will
put tax evasion and aggressive avoidance at the heart of the

Jun 14, 2013

G8 to say risks to economy lower, reforms needed: draft

LONDON (Reuters) – Leaders of the world’s richest nations are likely to say next week that they are not content with progress so far in fixing their economies after the financial crisis.

A draft copy of the communique being prepared for leaders at a Group of Eight summit, which was obtained by Reuters, said actions by policymakers in the United States, the euro zone and Japan had reduced risks to the global economy.

Jun 14, 2013

Factbox: How to tackle corporate tax avoidance

LONDON (Reuters) – Western governments have promised to tackle corporate tax avoidance following revelations of the widespread use of contrived structures to minimise payments.

Leaders at a G8 Summit of leading economies next week in Northern Ireland will discuss the issue and the Organisation for Economic Co-operation and Development will table a list of measures to put to the G20 group in Moscow in July.

Jun 13, 2013

Bermuda says committed to transparency convention

LONDON, June 13 (Reuters) – Bermuda has agreed to back an
international financial transparency treaty that is aimed at
stamping out tax evasion, the British government said on
Thursday, boosting Prime Minister David Cameron ahead of the G8
summit meeting next week.

“Bermuda is strongly committed to joining the Multilateral
Convention on tax-information sharing,” Bermudan Premier Craig
Cannonier was quoted as saying in a statement circulated by the
British Foreign Office.

Jun 12, 2013

MPs’ report criticises Google’s tax affairs

LONDON (Reuters) – British MPs described Google’s tax affairs as “contrived” in a report released on Thursday and called on the UK tax authority to vigorously investigate whether the company was acting within the law.

The parliamentary investigation was prompted by a Reuters report, which showed the company employed staff in sales roles in London, even though it had told MPs in November its British staff were not selling to UK clients – an activity that could boost its tax bill substantially.

    • 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