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Obama targets "tax haven" Netherlands - Radio Netherlands Worldwide - English

The Netherlands is a corporate tax haven for US multinationals, and together with Ireland and Bermuda it is sheltering companies' earnings from the American tax authorities, president Barack Obama said on Monday. As long as they keep their earnings overseas US companies are legally exempt from paying. Taxes only become due when the money is "repatriated" to the United States.

The current practice is perfectly legal, but the US government considers it harmful to the American economy. President Obama announced a crackdown on the tax shelters, aiming to raise 210 billion dollars in taxes over the next decade. A Wall Street Journal report in April quoted a figure of 58 billion dollars in overseas earnings, which are out of the tax office's reach, losing it an estimated 20 billion dollars in tax revenue. One-third of the foreign profits in 2003 came from, what the US Treasury calls, "three small, low-tax countries: Bermuda, the Netherlands, and Ireland".

by Fran on Tue May 5th, 2009 at 01:54:00 PM EST
[ Parent ]
Obama targets "tax haven" Netherlands - Radio Netherlands Worldwide - English
Taxes levied abroad are much lower, with Ireland's corporate tax at 12.5 percent, and the Dutch rate at 0 (zero) percent.  

Emphasis mine. I think this is incorrect.

by Nomad (Bjinse) on Tue May 5th, 2009 at 03:14:21 PM EST
[ Parent ]
Fact checking ain't hard.

Corporation tax - corporate income tax

Rate (last update 3 January 2008)

2008: 20% over the first € 40,000, 23% over the next € 160,000 and 25.5% over the rest
2007: 20% over the first € 25,000, 23.5% over the next € 35,000 and 25.5% over the rest.
2005: 27% over the first € 22,689, 31% over the rest
2006: 25.5% over the first € 22,689, 29.6% over the rest

by Nomad (Bjinse) on Tue May 5th, 2009 at 03:21:41 PM EST
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