Tax avoidance

The Democratic presidential nominee is proposing a 10 percent tax penalty on companies that move operations overseas and a 10 percent tax credit for companies that create jobs in the U.S.

The Internal Revenue Service released final regulations for the base erosion and anti-abuse tax that is supposed to discourage multinational corporations from shifting profits overseas.

The iPhone maker’s court victory follows separate criticism that huge EU antitrust fines for Google have made little difference.

New data shows the extent to which multinational companies shift profits around the globe to avoid tax, increasing pressure on international efforts to rewrite rules for a digital era, the OECD said.

Apple Inc. will find out next week whether it won the first round of its bid to topple a record 13 billion-euro ($14.7 billion) Irish tax bill imposed by European Union state-aid regulators.

Uruguay will soon be even more welcoming to wealthy foreigners looking for a new home following a presidential decree that makes it cheaper to obtain tax residency in the South American country.

The founder of U.K. discount retailer Matalan Plc is suing PricewaterhouseCoopers over claims he lost as much as 135 million pounds ($165 million) by relying on advice the accounting firm gave him when he moved to Monaco 20 years ago.

Lax eligibility requirements are raising new questions about which firms should get access to public money.

Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.