Glencore pays virtually no tax on Australian coal operations

September 14, 2015

Glencore is in trouble and took drastic action today to shore up its finances. One place they won’t find sympathy is in the court of public opinion. Last year, the Sydney Morning Herald revealed that Glencore paid virtually no tax over the previous 3 years on $15 billion in revenue in its massive coal mining operations in the country. The entire Glencore/Xstrata merger saga was …


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Nearly US$100 Billion Flowed Illegally through Myanmar from 1960 to 2013, Finds New GFI Report

September 14, 2015

WASHINGTON, DC – Nearly US$20 billion flowed illegally out of Myanmar between 1960 and 2013— draining domestic resources, driving the underground economy, exacerbating inequality, and facilitating crime and corruption—according to a new report released today by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization. Titled “Flight Capital and Illicit Financial Flows to and from Myanmar: 1960-2013,” the study finds that trade misinvoicing—the fraudulent …


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Further developments in the BEPS project

September 14, 2015

A number of further publications have been released this quarter as part of the Organisation for Economic Co-Operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. These include: The 8 June 2015 publication by the OECD of a package of measures relating to “country- by-country reporting” (relevant to Action 13 of the BEPS project). This package includes model domestic legislation and international agreements …


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Vodafone transfer–pricing case explained

October 15, 2015

Vodafone transfer-pricing case explained Vodafone claimed the sale in question was not an international transaction and thus should not be subject to transfer-pricing rules. Even as the tribunal considered the company's plea, the I-T department issued a demand for tax amounting to Rs 3,700 … Read more on Business Standard Vodafone Secures Indian Transfer Pricing Ruling Accepting Vodafone's argument, the Bombay High Court set aside …


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Risk factors that could trigger a transfer–pricing audit

October 15, 2015

Risk factors that could trigger a transfer-pricing audit SOON, THAILAND will no longer have mere transfer-pricing guidelines in the form of Departmental Instruction Paw 113/2545, but will instead put into effect a transfer-pricing law, the draft of which was approved by the Cabinet in May. Taxpayers will of … Read more on The Nation Vodafone wins transfer pricing battle against IT department MUMBAI/NEW DELHI: Vodafone …


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