The G20 backed a “fundamental” rethink of the rules on taxing multinational corporations on Friday, taking aim at loopholes used by companies such as Apple and Google to avoid billions of dollars in taxes.
The group of leading economies released an action plan drawn up by the Organisation for Economic Co-operation and Development (OECD) that said the existing system didn’t work, especially when it came to taxing companies that trade online.
Last September, when we exposed the heretofore unknown entity actively managing Apple's $100 billion+ in offshore held cash (and thus untaxed in the US), we made the following "bold" prediction: "with the topic of finding effective tax loopholes which are perfectly legal, yet which apparently are unfair, serving as the basis of the entire presidential race to date, what Apple can be absolutely certain of is that once the farce culminating on November 6 i
Fifty pages into the fiscal cliff avoidance bill, Congress renewed the legal loophole that tech companies, pharmaceutical developers and medical technology companies use to avoid taxes. It's not uncommon for things like this to get tacked on to bills. The fiscal cliff bill is full of tax credit extensions and other necessary sections that extend measures with expiration dates.