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OECD Report On Corporate Taxes Finds Multinationals Are Dodging Their Fair Share


World  (tags: Corporate Taxes, Multinational taxes, OECD, tax havens, loopholes )

Lynn
- 553 days ago - huffingtonpost.ca
The Organization for Economic Co-operation and Development says large multinationals are using legal loopholes to avoid paying their fair share of taxes and that global solutions are needed to combat the problem.



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Comments

Lynn Squance (230)
Wednesday February 13, 2013, 1:45 am
"The OECD says the gaps that enable multinationals eliminate or reduce their taxation give them an unfair competitive advantage over smaller businesses."

Of course that is what they want --- all the marbles any way they can get them. Smaller businesses go out of business for many reasons, but one oft overlooked is the advantage that being a big multinational can by. Of course there are other tricks of the trade too.

"OECD Secretary General Angel Gurria said Tuesday:

“As governments and their citizens are struggling to make ends meet, it is critical that all taxpayers — private and corporate — pay their fair amount of taxes and trust the international tax system is transparent.""

It will bbe interesting to see if the OECD can come to a plan that everybody will abide by. I somehow doubt that the US will be coöperative in this, but I say that only because of the fractious political climate. Hell, if they turn down the People with Disabilities Agreement which was almost verbatim from US law, then I think there is reason to believe that the US will not play ball. That, and the Republican/Teabaggers in the House are owned, lock, stock and barrel by multinationals and the 1%.

The top 5 tax havens for Canada are Barbados $53.3Billion in investment, Cayman Is $25.8Billion, Ireland $23.5Billion, Luxembourg $13.8Billion and Bermuda $13.2Billion.
 

JL A. (275)
Wednesday February 13, 2013, 7:55 am
If this is addressed adequately there will be no more revenue problem or deficit to worry about and thus no need to even consider austerity measures.
 

Pat A. (117)
Thursday February 14, 2013, 3:03 am
"The OECD report says many rules designed to protect multinational corporations from being double-taxed go too far and sometimes allow them to pay no taxes at all.

It says such rules do not properly reflect today’s economic integration across borders, the value of intellectual property or new communications technologies.

The G20 countries commissioned the OECD study, which was released Tuesday ahead of a weekend meeting of finance ministers and central bankers from 20 of the world's leading economies.

The OECD says the gaps that enable multinationals eliminate or reduce their taxation give them an unfair competitive advantage over smaller businesses.

That hurts investment, growth and employment and can leave average citizens footing a larger chunk of the tax bill, the OECD says."

- Goodness me - the G20 and the OECD have noticed at last! Now - WHAT are they going to do about it???!!!
 

Roger Garin-michaud (61)
Thursday February 14, 2013, 12:23 pm
noted, thanks !
 

Mike M. (55)
Thursday February 14, 2013, 3:49 pm
noted
 

John B. (215)
Thursday February 14, 2013, 4:00 pm
Thanks Lynn for the link to the article. Close the loopholes, tax the wealthy for their fair share and there would not be a deficit but a surplus for use in creating jobs, fully funding social programs and fixing our crumbling infrastructure. How much clearer can it be? Read and noted.
 

Jason S. (57)
Thursday February 14, 2013, 8:14 pm
Good posting, thanks
 

Ro H. (0)
Friday February 15, 2013, 6:25 am
not surprised
 

Deborah W. (6)
Friday February 15, 2013, 12:49 pm
Always the same picture and insinuations ... name names, bet you'd be surprised who's included.
 

Kirsten Taufer (43)
Friday February 15, 2013, 1:32 pm
But of course.
 

LucyKaleido ScopeEyes (79)
Friday February 15, 2013, 2:17 pm
It is so obvious that with their battalions of corporate lawyers they can find all sorts of 'legal' ways of avoiding paying their fair share.

Two months ago I was disgusted & appalled to discover that Google Chairman Eric Schmidt had defiantly claimed in public that the steps he had taken to cut Google's tax bill was just "capitalism." So I posted Google Chairman Schmidt: "Very Proud of Our [£2.5 Billion] Tax Avoidance Scheme...Called Capitalism", but only 8 people thought that was newsworthy! Maybe because it's from a British newspaper, so the figure is in £s not $s?

 

Birgit W. (144)
Friday February 15, 2013, 4:15 pm
Noted
 

Lois Jordan (54)
Friday February 15, 2013, 4:33 pm
Thanks, Lynn---everyone should become aware of these multinational corps. and the damage they do, and how well they are sheltered. I wish I'd learned about their dangers sooner myself. They are destroying the planet, driving down wages, poisoning people and animals, and sucking and mining everything they possibly can out of our poor planet. It seems they're "all in" for destruction and greed. I only hope it isn't too late to rein them in. Measures taken should be strong and swift.
 

Diana Bair (7)
Friday February 15, 2013, 4:35 pm
Loop holes for wealthy need to be closed.....TIGHT......PADLOCKED,even!!!!!!. and change laws for tax havens......IF A PERSON LIVES IN THIS...COUNTRY.....HIS/HER MONIES LIVE HERE...TOO..NO...EXCEPTIONS, EITHER THEY ARE HERE OR THEY MOVE IN WITH THEIR...MONEY ....In the other....COUNTRY!!!!!!!. And no outsourcing AMERICIAN...JOBS!!!!!!. companies that ..OUTSOURCE.....OK....FINE.....But ...they will have stiff fees and fines....not to mention...tax...penalities.!!!!!!!!!!. Diana.
 

Aletta Kraan (146)
Friday February 15, 2013, 5:08 pm
Noted !!!!!
 

Joanne Dixon (38)
Friday February 15, 2013, 6:28 pm
Gee, surprise, surprise. And I wish us good luck closing loopholes ... we're going to need it.
 

EARTH DAY IS EVERY DAY (80)
Friday February 15, 2013, 8:58 pm
The rich get richer while claiming to be the driving force of the economy, when in reality they are negating any economic development worldwide by making it impossible for the lower and middle classes to actually drive the economy.
Profit is fine, but when that profit comes at the expense of the whole or at the wellbeing of your employees and the community, you're just being a pack of greedy bastards..... and quite unpatriotic / inhuman.

Like it or not, you are global citizens and your actions affect everyone......Even YOU.

Thanks for presenting, Lynn. I hope there is a realistic way to close these loopholes.

 

Sheila D. (25)
Friday February 15, 2013, 9:12 pm
Just proves they are greedy, greedy, greedy, with no thought to anyone but themselves. Thanks for the article, Lynn.
 

g d c. (0)
Saturday February 16, 2013, 8:26 am
ty
 

Tim C. (1809)
Saturday February 16, 2013, 10:32 am
tks
 

Mary Donnelly (47)
Saturday February 16, 2013, 12:44 pm
Thanks Lynn--it took a long time to work out eh!
 

Colleen L. (2)
Saturday February 16, 2013, 12:45 pm
How people can live with themselves, knowing that they do such evil. May they find a way to resolve this and catch all of the other crocks that follow in his footsteps. Thanks Lynn
 

Peter Kelly (0)
Saturday February 16, 2013, 4:56 pm
Mesopitamia in Iraq invented Taxation 3500 years ago. One must remember that there is a difference between Tax Avoidance (legal) and Tax Evasion (illegal). I find tax avoidance easy, but I turned down a well paid tax aviodance job. I am working on a petition at the moment. Does anyone want to proofread it? The Shareholders need to create genuinely well governed companies. Money making is automated and the terms are 1 year for taxation 5 for the government and 7 for the bank. Our lifespan is probably 90 years though and there are 2.5 billion years to go. We are the most primitive thing that has ever existed at the moment.
 

Bonnie A. (76)
Saturday February 16, 2013, 4:57 pm
Thanks Lynn! By being so greedy in the long run they will be hurting themselves, but the rest will feel it first and hardest.
 

tiffany t. (147)
Saturday February 16, 2013, 7:16 pm
the above picture is very irritating! close the loop holes, this has been going on way too long.
 

Ellen Gaston (19)
Saturday February 16, 2013, 8:11 pm
The "teabaggers" are not the President so I fail to see how this is their fault. I hear a lot of chatter about closing tax loopholes from Obama but he hasn't done anything about it even with a majority to work with. This is one non-credible piece of b.s.
 

june t. (65)
Sunday February 17, 2013, 12:25 am
thanks for the article
 

Claudia Acosta (17)
Sunday February 17, 2013, 5:40 am
Noted, thank you!
 

Elizabeth M. (66)
Tuesday February 19, 2013, 4:57 pm
I agree with J.L. A that if the taxes on Multi Nationals,(Conglomerates) were handled correctly there would be no more revenue problems and no more debt.
Noted with thanks Lynn and to Carrie for passing this along.
 
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