In the first part of International Tax Review's exclusive interview, Steven Ouwerkerk, global head of tax & treasury at APM Terminals, based in The Hague, Netherlands, talks about the need for in-house tax teams to maintain consistent engagement with the boardroom and CFO, and reveals what it is that keeps him up at night.
The Senate Finance Committee this week held a hearing on proposals to reform the taxation of multinational enterprises, and given the recent trend of US companies inverting abroad, the hearing unsurprisingly focused on dealing with inversions.
Campaigners including Christian Aid, Global Witness and Tax Research have hailed the UK government’s proposal to implement a register of beneficial ownership as a world first. But they are now warning that the register may not be accurate if carried forward in line with existing plans.
Medtronic and Covidien announced last weekend that they intend to complete a $43 billion tie-up and fellow US pharmaceutical company, AbbVie, is set to send a formal $31 billion offer for Irish rival Shire today: the trend of inversion transactions out of the US shows no signs of abating.
Despite the recent spate of corporate inversion transactions, not all US taxpayers have caught the inversion bug. Danaher Corporation's Jim Ditkoff tells International Tax Review "Congress can do whatever they want with inversions as far as I'm concerned". Here he explains why Danaher is not following the herd by inverting overseas.
Delivering his first Budget speech today, Arun Jaitley, India’s new finance minister, pledged to maintain a stable tax environment, but disappointed multinational taxpayers by not removing rules on retrospective tax. Indeed, while the majority of the finance minister’s proposals sound business-friendly enough, taxpayers would have liked more concrete detail.
