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The Paradise Papers reported that Nike shifted some of its European profits from the Netherlands through Bermuda tax-free. Google also sheltered $23 billion from overseas to Bermuda in 2017.
The European Commission has opened an investigation into the tax treatment of Nike Inc in the Netherlands, saying this may have given the U.S. sportswear maker an illegal advantage. The Nike case ...
The Nike case, announced on Thursday, follows other probes by the EU executive since 2013 into tax schemes in Belgium, Gibraltar, Luxembourg, Ireland and the Netherlands it says allow companies to ...
Exploiting this structure saved Nike more than $1Bn in taxes annually and reduced its global tax rate to 13.1%; the company is currently being pursued for billions of dollars worth of back taxes in litigation by multiple governments for this multinational tax avoidance. [22]
The appleby documents detail how Nike boosted its after-tax profits by, among other maneuvers, transferring ownership of its Swoosh trademark to a Bermudian subsidiary, Nike International Ltd. This transfer allowed the subsidiary to charge royalties to its European headquarters in Hilversum , Netherlands , effectively converting taxable company ...
It is used by the Member States to tackle external risks of tax abuse and unfair tax competition. It was adopted for the first time in 2017 as a response to tax avoidance in the EU, screening 92 countries. [1] It is managed by the Code of Conduct Group for Business Taxation and monitored by the European Commission (EC). [2]
Furthermore, while tax avoidance is in principle legal, if the IRS in its sole judgment determines that tax avoidance is the 'principal purpose' for an expatriation attempt, 'covered expat' status will be applied to the requester, thereby forcing an expatriation tax on worldwide assets to be paid as a condition of expatriation. [88]
Democrats are going after tax avoidance from big companies and wealthy individuals as the debate on taxes heats up ahead of tax code expirations scheduled for next year. A new set of proposed ...