All the main techniques used for capital fiight can be grouped into one area – abuse of cross-border regulation. Tax credit is already an approved method for dealing with revenues cross-border together with withholding taxes.Reverse Tax Credit can use the tax credit principles to deal with costs cross-border and eliminate the “need” for tax havens. Reverse Tax Credit can be enacted unilaterally by any country, and will automatically leverage the playing fields between companies, large or small, mul
SummaryStatoil reported on the minimum transparency requirement, called country-by-country reporting, on a half page in its sustainability report for 2014.PWYP Norway shows that Statoil could have easily reported on
a meaningful transparency requirement, called an extended country-by-country reporting, on that half page.When companies can show their country-by-country presence on a half page, why will politicians not demand it from them?
Summary • In 2012, government expenditure worldwide was USD 28 656 billion. Total tax burden was USD 18 821 billion.• This huge discrepancy can be reduced by closing loopholes in tax systems and preventing capital flight• This report is about analyzing and fixing loopholes in tax systems – increasing cost-efficiency and ensuring fairer competition in extractive industries.VIDEO: See the presentation of the report "Windfall Taxes".
Marking-to-market is a concept which has started to invade a significant portion of both accounting and cross-border contracts. As a concept it is good, as it makes accounts more informative, but it also introduces problems.One of the problems is that it accelerates losses when markets collapses, and therefore constitute a risk of being one of the elements that make companies go bankrupt in a crisis.
• In 2012, government expenditure worldwide was USD 28 656 billion. Total tax burden was USD 18 821 billion.
• This huge discrepancy can be reduced by closing loopholes in tax systems and preventing capital flight
• This report is about analyzing and fixing loopholes in tax systems – increasing cost-efficiency and ensuring fairer competition in extractive industries.
Summary: This briefing from PWYP Norway explains what the extended country-by-country reporting policy proposal is, why it is necessary, how it is streamlined with the reporting requirements in the Dodd-Frank law and the EU proposal, as well as with the extractive companies’ existing consolidation processes, and how it can be implemented easily and at low cost.
The briefing features a suggested reporting template in an easy-to-use format that captures the essential tax payment information in a meaningful context.
The report states that the government’s revenues from the petroleum industry amounted to 263 billion NOK in 2010. The reconciliation of the reported payments showed a total discrepancy of around 1,2 billion NOK between companies and the government.
According to Deloitte, these discrepancies are mainly due to: