tax
Brussels (AFP) - A top EU court rejected Thursday Brussels' appeal against a ruling blocking its bid to force Luxembourg to recover 25 million euros ($272-million) in back taxes from Amazon. The ruling, the final word in the case, was a blow not just to the European Commission but to the EU's competition commissioner, Margrethe Vestager. "The Court of Justice confirms that the Commission has not established that the tax ruling given to Amazon by Luxembourg was a State aid that was incompatible with the internal market," the court said in a statement. "In its judgment handed down today, the Cou...
AFP
Brussels (AFP) - The European Court of Justice's top legal advisor recommended on Thursday that an EU court make a new ruling in the long-running 13-billion-euro ($14-billion) tax case between Apple and Brussels. The landmark case is one of the most fierce battles between the European Commission and big tech, dating back to 2016 when the EU's executive arm accused Ireland of allowing Apple to escape 13 billion euros in taxes. The EU claimed that, between 2003 and 2014, Apple parked untaxed revenue earned in Europe, Africa, the Middle East and India in Ireland, which is the European hub for bi...
AFP
Washington (AFP) - The US Internal Revenue Service is asking that Microsoft pay a whopping $29 billion in unpaid taxes from 2004 to 2013, the company said in an official filing on Wednesday. The case puts further focus on the international tax practices of major multinationals that have been accused in recent years of shifting revenue to lower tax jurisdictions in an effort to avoid higher taxes in their major markets. "We disagree with the proposed adjustments and will vigorously contest the (demand) through the IRS's administrative appeals office and, if necessary, judicial proceedings," th...
AFP
Washington (AFP) - The US Internal Revenue Service is asking that Microsoft pay a whopping $29 billion in unpaid taxes from 2004 to 2013, the company said in an official filing on Wednesday. "We disagree with the proposed adjustments and will vigorously contest the (demand) through the IRS's administrative appeals office and, if necessary, judicial proceedings," the company said. In a blog post, Microsoft said the issue with the IRS was with this transferring of revenue across international jurisdictions during the period. The practice, called cost-sharing, is practiced by "many large multinat...
AFP
New York (AFP) - Donald Trump and his three eldest children will go on trial late next year in a civil lawsuit brought by New York's attorney general that accuses them of fraud, a judge ruled Tuesday. Justice Arthur Engoron of the Manhattan Supreme Court set a trial date of October 2, 2023 in the case that alleges Trump and his family members misstated the value of properties to enrich themselves. The trial -- and a host of criminal, civil and congressional probe cases that Trump is facing -- will likely complicate the ex-president's run for a second term in office, which he announced last wee...
AFP
Paris (AFP) - Nearly 140 countries will haggle over key details of a global corporate tax plan this week, with some concerned about giving up too much and others eager to ensure tech giants pay their fair share. The Group of Seven (G7) wealthy democracies approved a proposal to impose a minimum corporate tax rate of at least 15 percent earlier this month, hoping to stop a "race to the bottom" as nations compete to offer the lowest rates. It is one of two pillars of reforms that would also allow countries to tax a share of profits of the 100 most profitable companies in the world -- such as Goo...
AFP
Paris (AFP) - France said Wednesday it would make sure that internet commerce giant Amazon is subject to a minimum global tax endorsed by the Group of Seven wealthy nations, while calling for a rapid conclusion of the tax negotiations. According to the plan, countries would be allowed to tax a share of the profits of the most profitable companies in the world at a rate of at least 15 percent, regardless of where they are based. This would apply, however, only to companies whose profit margins exceed 10 percent. Despite Amazon's colossal footprint and a market capitalisation of more than $1 tri...
AFP
Paris (AFP) - The Group of Seven wealthy nations may have endorsed a plan to ensure the world's biggest companies pay a minimum global tax rate, but US tech behemoth Amazon may escape it. The landmark deal is supposed to help put an end to top multinationals shopping for countries with low corporate tax rates in which to book their profits instead of paying where they conduct their business. By introducing a minimum tax rate of 15 percent without exceptions proponents of the plan hope multinationals will have less incentive to go through complex efforts to shift where they pay taxes. Top 100Th...
AFP
Luxembourg (AFP) - Amazon scored a major legal victory on Wednesday when an EU court annulled an order from the bloc's powerful antitrust authority that Luxembourg recoup 250 million euros ($295 million) in back taxes. The decision handed a fresh defeat to EU competition supremo Margrethe Vestager who in 2017 accused Luxembourg of handing tax privileges to the internet retail giant that amounted to illegal state aid. But the EU General Court found "no selective advantage" had been given to the firm by the small EU Duchy, a statement said. The setback for the EU lands less than a year after iPh...
AFP
Luxembourg (AFP) - An EU court will rule Wednesday on an appeal by online giant Amazon against an order that Luxembourg recoup 250 million euros ($295 million) in unpaid taxes. The decision will land less than a year after iPhone maker Apple spectacularly won its appeal in the same court against the European Commission's blockbuster order in 2016 that Apple repay Ireland 13 billion euros. The French energy giant Engie will also learn the fate of its fight against a similar EU order to repay Luxembourg 120 million euros in taxes. The cases came in the wake of the 2014 LuxLeaks revelations that ...
AFP
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