Tax Havens News
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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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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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The strong Australian dollar gave an “unprecedented whack” to tax revenue the government needed to return the nation’s budget to surplus, Treasurer Wayne Swan said.
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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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When Oklahoma energy billionaire George Kaiser opened the Northeast Gateway liquid natural gas terminal in 2008, the floating depot’s first delivery was shipped on the Excellence, a 909-foot supertanker that holds 138,000 cubic meters of LNG -- enough gas to meet more than 4 percent of daily U.S. demand.
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Five of the ten best-paid finance chiefs last year work in the technology industry, as executives at companies from Apple Inc. to Google Inc. were rewarded for increasing profit, amassing cash and minimizing taxes.
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Angola, Africa’s second-biggest oil producer, plans to simplify taxation and more than double revenue from sources other than petroleum to curb the government’s reliance on crude.
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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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Liechtenstein, a principality once fabled for its banking secrecy laws, is losing its perch as one of the world’s top tax havens for the richest people on Earth.
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Colombia will publish a list of tax havens within two weeks, clearing the way for investors not based in such jurisdictions to obtain lower tax rates on locally sold government bonds.
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