Tuesday, Oct 13th

Last update09:08:14 PM GMT

You are here News Economy OECD Enables Companies to Avoid $100 Billion in Taxes

OECD Enables Companies to Avoid $100 Billion in Taxes

E-mail Print PDF

OECD helps companies avoid taxesHeadquartered in a former Rothschild chateau in an affluent Parisian neighborhood, the Organization for Economic Cooperation and Development is best known for earnest conferences on economic and social policy.

With little outside attention, it also plays a pivotal role enabling global corporations such as Google Inc. (GOOG), Hewlett- Packard Co. and Inc (AMZN). to dodge taxes by shifting profits into offshore subsidiaries, costing the U.S. and Europe more than $100 billion a year.

OECD officials “have been digging themselves deeper and deeper into a hole by blindly pursuing a mistaken approach that allows multinationals to avoid taxes,” said Sol Picciotto, an emeritus professor of law at Lancaster University in the U.K.

A quasi-governmental body that helps some of the world’s biggest economies set tax policy, the OECD writes guidelines letting companies avoid taxes by moving income into tax havens, a practice it deems legal. The organization has long enjoyed a close relationship with industry. Its three top tax officials left in 2011 and 2012 to join firms that help companies avoid taxes by taking advantage of laws to move profits to locations such as Bermuda and Mauritius.

TVNL Comment:  The one percent continue to pay taxes after taxes.  The ninety nine percent always find ways to avoid them.  Predatory capitlism continues to thrive, unchallenged.


Most Recent Related Stories...

Nobel economics winner wades into US debates

Angus DeatonAngus Deaton, who has been awarded the Nobel economics prize, is not afraid to wade into...

Major banks investigated for collusion in precious metals market

Banks investigated for precious metalsThe Swiss competition watchdog has launched an investigation into possible collusion in the precious metals market...

Oil and gas boomtown gone bust: Gonzales tries to cope

boomtown gone badOnly a year ago, with oil trading near $100 a barrel, residents of this proud and...

GE to move turbine jobs to Europe, China due to EXIM bank closure

GE sends jobs to Europe, ChinaGeneral Electric Co (GE.N) said on Tuesday it will move 500 U.S. power turbine manufacturing jobs...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!