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PARIS (Reuters) - A global effort to revamp international tax rules for the digital era is receiving less corporate push-back than past attempts, the OECD’s head of tax policy said on Tuesday. The Organisation for Economic Cooperation and Development is sounding out businesses and interest groups on Wednesday and Thursday at a public consultation before it begins drafting much-anticipated reform proposals. Corporate interests have in the past leaned hard against efforts to update international tax rules, which currently allow digital firms to keep tax bills lower than other more traditional companies.
However, OECD head of tax policy Pascal Saint-Amans said there was a change of tone judging from more than 200 comments the Paris-based policy forum received in a first call for input from businesses, accounting firms, tax justice NGOs and academics, “We have a significant group of business people saying it’s probably time to do something,” Saint-Amans told Reuters ahead of the start of the public hearing, The emergence of internet giants such as Google, Facebook and Amazon has pushed international tax rules to the limit because they are able to book profits in low-tax countries rather than where they pewter left/right cufflinks customer is located..
Global reform of the rules had been debated for years with little progress until January when nearly 130 countries and territories agreed to tackle some of the most vexing issues, like when a country has the right to tax international transactions. The OECD reform proposals will tackle on the one hand how to determine when a country should get the right to tax companies and on the other a minimum level of corporate taxation. In the absence of reform, a growing number of countries are planning their own national taxes targeting mostly U.S.-based digital companies.
While opposed to unilateral national taxes, Washington is a relatively recent convert in favor of a wide-ranging international overhaul, although it wants a solution with a broader focus than just digital companies, “Bargain will have to be made and ., the more extreme proposals will not attract consensus,” the U.S, Treasury’s top international tax official, Chip Harter, told journalists in Paris ahead of the hearing, He added that the aim was to have the broad outlines of an agreement from the OECD in June, so that G20 finance ministers could give a mandate to thrash out the numerous technical details before a formal deal is signed pewter left/right cufflinks in 2020..
NEW YORK (Reuters) - Citigroup Inc has accelerated some of its 2019 plans to cut expenses through “simplification” of its organization and improvements in its internal processes, Chief Financial Officer Mark Mason said on Tuesday at an investor conference. Mason made the comment in response to a question about whether the bank has ways to reduce expenses if revenues fall short of expectations. Mason also said that first quarter revenue from fixed-income and equity trading looks like it will be down by percentages in the “high single-digits” from a year earlier.
HOUSTON (Reuters) - U.S, Secretary Of State Mike Pompeo will meet with top oil executives before he addresses a conference on Tuesday, seeking to get them to help the administration’s effort to boost crude exports to Asia and to support its policy of isolating Iran, pewter left/right cufflinks according to three people at two companies briefed on the agenda, The outreach represents a significant new effort to sway industry executives to the Trump Administration’s “energy dominance” agenda that seeks to advance diplomatic and policy objectives through rapidly expanding U.S, oil and gas exports, The effort has won success in convincing nations including China, Poland, Japan and South Korea to purchases more U.S, oil and natural gas..
Pompeo plans on discussing how to boost U.S. energy dominance worldwide, but particularly in Asia, and further isolate the Islamic Republic of Iran, which the United States re-imposed sanctions on last year, through strengthening ties with other Middle East nations, the people said. The location and time of the meeting was unclear. Following the meeting in Houston, Pompeo is set to speak at IHS Markit’s CERAWeek conference, the oil and gas industry’s largest annual gathering in the United States. He was scheduled to meet State Department employees in the late morning, according to an official schedule.
Executives from major companies including Chevron Corp, Total SA, Royal Dutch Shell PLC, ConocoPhillips and Occidental Petroleum Corp have been invited to the closed door meeting, Representatives from a number of those companies are scheduled to speak earlier in the day at CERAWeek, Occidental declined to comment, Chevron had no comment, A Total representative could not immediately be reached for comment, The other companies did not pewter left/right cufflinks immediately respond to requests for comment, A U.S, State Department spokesperson did not immediately comment on Pompeo’s schedule but did say that Frank Fannon, the department’s top energy diplomat, was meeting with energy companies on Tuesday in Houston to talk about the Asia policy..