The latest headline news from Transfer Pricing Week. News Briefs include: Latin America loses $100 million to transfer pricing; EC's Ireland-Apple investigation; ‘LuxLeaks’ whistleblower trial; Australia penalties for corporate tax avoidance; and OECD to address tax avoidance in Kyoto.
Eighteen ex-Treasury officials are lobbying US President Barack Obama to reconsider new ‘inversion’ rules announced after Pfizer’s failed $160 billion merger with Ireland’s Allergan, saying the regulations will encourage US companies to move abroad and exacerbate the problem.
When new rules proposed by the US Treasury stopped the $160 billion Pfizer-Allergan super-inversion in early April many Americans applauded. Some grumbled about unfair tax loopholes or blamed Ireland’s 12.5% corporate tax for luring away American companies who pay up to 35% tax back home.
After years of wavering, Panama will finally adopt international tax reporting standards following the leak of 11.5 million financial documents and two weeks of intense scrutiny focused on the Central American tax haven.
