12:13 26 May 2013
Apple was reportedly accused of trying to use the loopholes in tax codes between countries to funnel profits and avoid paying taxes. There is a call to try and eliminate those loopholes so that companies cannot get away without paying their fair share of taxes.
Banking institutions have learned to be very specific about what can and cannot happen with funds, so it may be nice if taxes could follow banking and become a little clearer in their expectations and regulations perhaps. Here are just a few things about banking that could benefit tax handling:
There is a lot that needs to be redone for most tax codes, in just about any country. But if they took a page out of the banking industry’s book tax code might be simpler, more effective, and there could be a better possibility of unifying expectations and penalties across different countries.
This would be in order to prevent business from using the disparities between different tax codes.
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