Tax Avoidance News
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Traders are standing by Platts, the company that provides benchmark prices for much of the world’s energy products, amid a European probe into market manipulation.
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U.S. Commerce Secretary nominee Penny Pritzker received $54 million last year from an offshore trust in the Bahamas, according to a disclosure report that describes an empire of casinos, hotels, energy companies and family trusts that may be worth more than $2 billion.
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Goldman Sachs Group Inc.’s deal with the U.K. government that may have saved the investment bank as much as 20 million pounds ($30.6 million) on its taxes didn’t break any laws, a judge ruled.
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In early November, members of the U.K. Parliament assailed executives from Google Inc., Starbucks Corp. and Amazon.com Inc. for moving billions of dollars in profits into tax havens.
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Group of Seven nations agreed on the need to toughen international rules to prevent rich individuals and corporations avoiding taxes, with greater efforts to prevent tax evasion that deprives governments of billions of dollars.
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Goldman Sachs Group Inc. was able to avoid paying as much as 20 million pounds ($31 million) in U.K. taxes as the government fought to shield Chancellor of the Exchequer George Osborne from political embarrassment, an advocacy group said at a London trial.
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The origins of the offshore finance industry dates back to Vienna, Austria, in 1815, when Switzerland’s neutrality was established at the Vienna Congress.
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The U.K. government is fighting an unwinnable battle against tax avoidance, lawmakers warned, as they called for greater transparency from companies and more resources to police compliance.
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Chancellor of the Exchequer George Osborne said Britain’s tax authorities have increased the amount of money collected from wealthy individuals by 10 percent.
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On a snowy morning in the middle of February, Tony Blair, looking trim from his four- to five-times- a-week workout regime, is sipping coffee in his office in London’s Mayfair district.
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