It just goes to dhow what a mess the tax system is in , that it has created the ability for companies to be able to do it in the first place. A simpler tax system for all, would be much fairer, although of course, you will never be able to completely stop people and corporations trying to avoid paying it.
Yes that's correct. No real HQ in the true sense of what is normally expected. A legal mythical HQ that renders them Stateless under Irish law. Interestingly Obama protests against the EU tax demand. Fearful that should it be paid to Ireland, Apple will be able to reduce their US worldwide tax bill. Ireland doesn't want the tax as it's dependance on other large multi-nationals could be damaged. No wonder the public are confused.... Hope this helps.... Cheers
On the radio it was mentioned that Apple diverts it's profits from these operations to a head office based in NO country. I can sympathise with basing operations in a particular country but basing this particular head office in no actual state (and so pay no tax) If this is correct, that is surely wrong.
Comparison with the Exon Valdez: "Exxon's actions were deemed "worse than negligent but less than malicious." The punitive damages were further reduced to an amount of $507.5 million. The Court's ruling was that maritime punitive damages should not exceed the compensatory damages, supported by a peculiar precedent dating back from 1818. Senate Judiciary Committee Chairman Patrick J. Leahy has decried the ruling as "another in a line of cases where this Supreme Court has misconstrued congressional intent to benefit large corporations."
Exxon's official position was that punitive damages greater than $25 million were not justified because the spill resulted from an accident, and because Exxon spent an estimated $2 billion cleaning up the spill and a further $1 billion to settle related civil and criminal charges. Attorneys for the plaintiffs contended that Exxon bore responsibility for the accident because the company "put a drunk in charge of a tanker in Prince William Sound.""
The Apple back tax issue is interesting. Apple is the biggest company in the world by Market cap and might be faced with a 13 billion Euro tax bill and the Americans are screaming. Don't get me wrong, I know that BP and Volkswagen are different situations but the debacle in the US over the Volkswagen emissions scandal is estimated to be costing $15 billion and Volkswagen have set aside $18 billion in total. BP have agreed a settlement with the US government of $20.8 billion. The total cost to BP is $61.8bn, I believe. I think the US officials should wind there necks in. if it had been the U.S., dealing with a European company, no doubt they would have slapped them with a huge fine to boot.
Your guess on Friday's US jobs seems to be on the money. A big hit on Commodities ...so maybe some leakage on jobs report OR markets are expecting good figures. CEY is falling rapidly. Strange that the dollar index shows no real strength today. Wise to leave commodities I think in case of further fallout post jobs reports. Cheers
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