Friday, August 26, 2016

War of words hots up between US and EU over tax avoidance...

The US has been accused of “behaving like a tax haven”, in an escalating war of words between Washington and Brussels over the European commission’s anti-trust cases against Apple, Amazon and Starbucks.

On Wednesday, the US Treasury threatened retaliation if Europe continues its tax crusade against American multinationals.

Margrethe Vestager, Europe’s top anti-trust regulator, is expected to conclude her state aid investigation into Apple as early as next month. If her ruling goes against the Californian tech group, it could be ordered to hand over as much as $19bn (£14.4bn) in unpaid taxes to the Irish government.

A white paper commissioned by the US Treasury secretary, Jack Lew, accused Europe of targeting American companies disproportionately and behaving like a “supranational tax authority”. The claims have now prompted a swift rebuttal from MEPs and the European commission.

“The US Treasury prefers defending the interest of its multinationals rather than promoting international cooperation to fight corporate tax avoidance,” said Molly Scott Cato MEP, a spokeswoman for the Green party on tax affairs in the European parliament. Full story...

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