Archive for 2015
Pfizer drapes the green flag to dodge billions in corporate taxes
Posted on December 10, 2015
by Policy Officer Éamonn Casey
Another week, another mutlinational corporation’s tax-dodging deal to keep Ireland in the international spotlight – with this one set to save Pfizer over $21 billion in taxes by routing profits through Ireland, according to Irish Times business reports.
Monday 23 November brought the news of the biggest ever corporate merger in the healthcare sector, which will see US-registered Pfizer take over Irish-registered Allergan in a $155 billion deal if the deal gets regulatory approval and completes in 2016. This will involve the newly established company, Pfizer Plc, shifting its legal domicile and ‘headquarters’ to Ireland (without shifting much of its management) in a so-called ‘corporate tax inversion’.
Ireland awaits ruling on Apple tax case, after Starbucks and Fiat found liable
Posted on December 10, 2015
by Policy Officer Éamonn Casey
Bizarre practices are common in the tax-dodging games played by multinational corporations and tax havens. While Ireland is adamant it should not be considered one, it is often regarded as such internationally and shares many characteristics.
A new and bizarre twist involves EU Member States taking legal action against the European Commission for finding that it should act to claim corporate tax revenues to which it was entitled, but did not levy, from multinationals.
Human Rights and the World Bank – tricky questions at the Annual Meetings
Posted on November 25, 2015
This blog was written by Aideen Elliott (right), who attended the Annual World Bank/IMF meetings in Lima, Prey, this year, with Vicky Donnelly (left), on behalf of DDCI.
Aideen Elliott is a former intern and long time supporter of DDCI. She received her MA in International development from SOAS University of London in 2013 and since then has worked on a number of campaigns and research projects, including writing DDCI'S IMF World Bank Watch 2015
. This blog is a continuation of Aideen's account of attending the annual WB/IMF meetings in Peru this year - you can read the first installment here.
Global Week of Action for #TaxJustice (Nov 2-6, 2015)
Posted on November 05, 2015
It's Global Week of Action for #TaxJustice (Nov 2-6, 2015). In this post we will tell you about just some of the great actions happening across Europe, and where you can find more information about #taxjustice.
In the year following the #Luxleaks scandal, a vast number of multinational companies have been proven to be exploiting tax loopholes in the EU. Vital revenues which should fund public goods are being plundered by the abusive practices and systematic tax avoidance of multinational companies and their specialist tax advisers. The world’s poorest countries are often hit much harder than richer countries by corporate tax avoidance. Altogether, multinational tax avoidance costs poor countries around $100 billion per year, according to UN figures.
The human cost of debt crises - activist reflections from WB/IMF Annual meetings 2015
Posted on October 29, 2015
This blog was written by Aideen Elliott (right), who attended the Annual World Bank/IMF meetings in Lima, Prey, this year, with Vicky Donnelly (left), on behalf of DDCI.
Aideen Elliott is a former intern and long time supporter of DDCI. She received her MA in International development from SOAS University of London in 2013 and since then has worked on a number of campaigns and research projects, including writing DDCI'S IMF World Bank Watch 2015.
Great Apple Giveaway mocks secret Irish tax deal with global giant
Posted on October 27, 2015
by Policy and Outreach Officer Éamonn Casey
Irish tax justice activists marked the release of Apple Inc.’s fourth-quarter financial results on 27 October with a Stop Multinationals Tax Dodging event outside Ireland’s Department of Finance.
Hardy campaigners defied miserable rain to protest at Ireland’s great Apple tax giveaway, through secret tax arrangements with Irish subsidiaries. The activists highlighted Ireland’s rotten Apple tax deal by handing out delicious, no-strings-attached, red apples to passers-by, who enjoyed the better taste they left in the mouth and showed keen interest in campaign leaflets on the issue.
The Dublin protest against multinationals’ secret tax arrangements (beyond even the low 12.5% Irish corporate tax rate) highlighted the deals that lowered Apple’s effective tax rate in Ireland to around 2%.
UN adopts landmark debt resolution on principles for sovereign debt restructuring
Posted on September 28, 2015
By Bhumika Muchhala, Senior Policy Analyst, Finance and Development, Third World Network - New York.
First published by Third World Network.
Argentina Could Show Greece A Way Out Of Crisis
Posted on August 18, 2015
by Alan Cibils
The Greek debt bailout and austerity saga, including the recent agreement between Greece and the Euro Summit, has important parallels with the Argentine experience of the late 1990s and early 2000s. Even given country specific differences, these similarities are relevant to the choices facing Greeks today.
Significant CBRC breakthrough builds pressure against corporate tax dodging
Posted on July 20, 2015
by Policy and Outreach Officer Éamonn Casey.
Welcome news
Campaigners will recall the 'Email MEPs for tax transparency!' action that DDCI ran in May and June of this year, whereby constituents emailed their MEPs and asked them to vote for increased tax transparency in Europe through mechanisms such as country-by-country reporting.
It is welcome news, then, that the European Parliament vote on 8 July was in favour of country-by-country financial reporting (CBCR) for large companies. It was a notable success for transparency on multinationals’ tax practices. Six of Ireland’s eleven MEPs voted in favour, while four abstained (and one missed the vote because of illness).
Uganda accepts €220 million settlement in tax dispute with Tullow Oil
Posted on July 16, 2015
by Policy and Outreach Officer Éamonn Casey
Fighting corporate tax avoidance
The agreement of a €220 million tax settlement between Uganda and Irish-listed Tullow Oil is a positive sign of how countries can fight back against corporate tax avoidance – and even contest tax incentives supposedly given in their name, but without due authority.
It was illuminating to see Uganda take strong action and achieve a decent mutual settlement for its citizens (around 57% of its initial assessment of tax due) after it pursued a tax claim against the oil exploration company. Tullow had claimed an exemption on taxes, which it transpired was given without proper authority by a former energy minister.
