HMRC has been conducting multiyear investigation to unearth Google’s tax dodging events. Though denied earlier, a Google spokesperson has narrated a deal with the Britain’s tax authority to pay taxes of £130 million due for over a decade. The deal is significant since many countries around the globe are conducting scrutiny to ascertain dodged tax amounts of Google and other multinationals. Investigations in accordance with OECD guidelines may also help France to establish its claim for $1 billion as unpaid taxes.
Italian prosecutors have wrapped up an investigation into allegations U.S. tech giant Apple (AAPL.O) failed to pay corporate taxes to the tune of 879 million euros ($964 million), two sources said on Monday.
Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production.
Group of 20 finance officials look likely to reject a proposal to set countries specific investment targets to spur a global economy which appears increasingly reliant on the United States for growth.
Japan's ruling coalition has approved a tax reform plan that will cut corporate taxes from April and pledges further reductions in coming years in a bid by Prime Minister Shinzo Abe to boost profitability and bolster economic growth.
The global economy will gradually improve over the next two years but Japan will grow less than previously expected while the euro zone struggles with stagnation and an increased deflation risk, the OECD said on Tuesday.
India's economy will accelerate in 2015 but will fail to attain the heady growth rates of the past decade without sweeping structural reforms, the Organisation for Economic Cooperation and Development said on Wednesday.
The global economy is growing at a slower rate, but is expected to gather momentum gradually if countries implement growth-supportive policies.
Finance ministers and tax chiefs from 51 countries signed an agreement on Wednesday to automatically swap tax information, which Germany's finance minister said heralded the end of tax evasion via secret bank accounts.
Ireland is set to announce legal changes next week to phase out the "Double Irish" tax arrangement that has let firms such as Google (GOOGL.O) save billions of dollars, two sources familiar with the matter said.
Most major world economies are continuing to show stable growth momentum, but within the euro zone Germany and Italy are losing steam, the OECD said on Wednesday.
Financial leaders of the Group of 20 top economies remain committed to chasing higher global growth, but were divided on how to achieve it as Germany pushed back at calls from the United States and others for more immediate stimulus.
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