A Quote by Peter Hargreaves
We are one of only two FTSE 100 companies which do not use offshore or other tax avoidance arrangements. In fact, we are probably one of the highest taxpaying companies in the index.
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Cheap labor is a small part of the problem at work here. If it were only cheap labor, America would be in trouble. Because it's other things, too, we have a great chance to turn it around. Here's the problem: Our high corporate tax rate pushes our companies offshore. Our high regulatory burden pushes our companies offshore.
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
In America, we have the highest corporate tax rate in the world. One of the reasons why companies have so much money offshore is because it's cheaper!
Other men have created FTSE 100 companies. But I believe no man has done this in his lifetime without acquisition or borrowing. My one regret is handing over the reigns.
There is nothing inevitable about this secret offshore world. It is not a fact of nature: Our laws created tax havens, and our laws can also end them. We could forbid Goldman Sachs from owning opaque offshore vehicles. We could prevent companies such as Cadre from accepting anonymous investments.
A stock market index helps investors track the performance of a group of stocks. NRDC worked with FTSE to develop comprehensive and transparent methodologies that screen out companies linked to owning, exploring, or extracting fossil fuels.
Britain's FTSE 100 stock index has not just recovered from its post-vote low close below 6,000. It has surged to close at nearly 6,600. That's its highest closing value yet of 2016, and within reach of its all-time highs.
We've got a tax code that is encouraging flight of jobs and outsourcing. And that's why we've specifically recommended in this campaign that Congress change our tax code so that we stop giving tax breaks to companies that are moving to Mexico and China and other places, and start putting those tax breaks into companies that are investing here in the United States.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
Shell companies can be owned by other shell companies; opaque offshore vehicles are carefully designed so that regulators can't identify who is using them; with the right accountants, they can be set up quickly and easily.
If you go back to the Euro campaign in 1999, how many chief executives and chairmen of FTSE 100 companies were speaking out on this? I think two. Two out of 200 people. Did that represent the reality of what businesses in Britain thought about the Euro? Of course it didn't. Did it represent what CBI members thought? Of course it didn't.
Basically, the UBR is a relic of an earlier vision for UDDI. The original vision for UDDI was as a standard that would help companies conduct business with each other in an automated fashion. The idea was that companies could publish how they wanted to interact, and other companies could find that information and use it to establish a relationship.
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
Music companies are not technology companies any more than technology companies are music companies. They're really different from each other.
Chinese companies - telecommunications and technology companies - are some of the best internationally. Taobao, WeChat, Huawei - not only are they large companies, but they're also very technologically advanced.
The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
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