 |
|
|
 |
|
|
|
|
New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
| |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
|
06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
|
08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
 |
| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
| |
|
| |
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| |
|
|
GAO Report Shows Most US Corporations Paying No Tax, Say Senators,
by Leroy Baker, Tax-News.com, New York 14 August 2008
|
Most corporations doing business in the United States pay no federal income
tax to the federal government according to a new Government Accountability Office
(GAO) study requested by US Senators Byron Dorgan (D-N.D) and Carl Levin (D-MI).
The report says that two thirds of both American companies and foreign companies
doing business in the United States end up avoiding all income tax obligations
to the federal government despite corporate sales totaling USD2.5tn.
The report discloses that each year from 1998 to 2005, an average of 68% of
the foreign companies doing business in the US paid zero federal income taxes.
During the same period 66% of US domestic corporations paid no federal income
taxes to the federal government.
In 2005, 28% of large foreign companies (over USD250mn in assets or USD50mn
in sales) doing business in the US paid no taxes even though they reported USD372bn
in gross receipts that year. This amounts to 998 companies, the Senators said.
They also noted that 25% of the largest US corporations had USD1.1tn in gross
sales in 2005 and yet paid no federal income taxes for the year.
Dorgan called the conclusions “a shocking indictment of the current
tax system”.
“It’s shameful that so many corporations make big profits and
pay nothing to support our country. The tax system that allows this wholesale
tax avoidance is an embarrassment and unfair to hardworking Americans who pay
their fair share of taxes. We need to plug these tax loopholes and put these
corporations back on the tax rolls,” he said, adding that: “It’s
time for the big corporations to pay their fair share.”
Levin commented: “This report makes clear that too many corporations
are using tax trickery to send their profits overseas and avoid paying their
fair share in the United States.”
In reaching its conclusions, the GAO analyzed data from the Internal Revenue
Service's Statistics of Income samples of corporate tax returns. It found that
foreign-controlled domestic corporations (FCDCs) reported lower tax liabilities
than US-controlled corporations (USCCs) by most measures. Also, a greater percentage
of large FCDCs reported no tax liability in a given year from 1998 through 2005.
For all corporations, a higher percentage of FCDCs reported no tax liabilities
than USCCs through 2001 but according to the GAO, differences after 2001 were
"not statistically significant." Most large FCDCs and USCCs that reported
no tax liability in 2005 also reported that they had no current-year income.
A smaller proportion of these corporations had losses from prior years and tax
credits that eliminated any tax liability. By another measure, large FCDCs were
more likely to report no tax liability over multiple years than large USCCs,
the report stated.
In 2005, comparisons of FCDCs and USCCs based on ratios of reported tax liabilities
to gross receipts or total assets showed that FCDCs reported less tax than USCCs.
However, the GAO noted that foreign and domestic controlled companies differed
in age, size, and industry: FCDCs were younger than USCCs in that a greater
percentage had been incorporated for 3 years or less from 1998 through 2005;
in 2005, FCDCs were larger on average than USCCs in that they reported higher
average gross receipts and assets than USCCs; a comparison by industry in 2005
showed that large FCDCs were relatively more concentrated in manufacturing and
wholesale trade, while large USCCs were more evenly distributed across industries.
The GAO did not attempt to determine the extent to which these factors and
others, such as transfer pricing abuse, explain differences in tax liabilities.
It also did not make any recommendations in its report.
.
|
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
TAX-NEWS.COM
Free Tax-News Feed