"Accenture Ltd. is seeking to become the latest company to switch tax-haven locales. On Tuesday, the consulting and outsourcing firm said its board of directors had unanimously approved switching the company's place of incorporation from Bermuda to Ireland. The move comes amid a crackdown on tax havens by the Obama administration and congressional Democrats, who are targeting companies with substantial US operations that are incorporated in tax havens like Bermuda to lower their overall tax burden. ... In a trend that has gained momentum over the past six months, numerous US companies are reincorporating from tax-friendly locations like Bermuda and the Cayman Islands to Switzerland and Ireland, in an effort to cope with what are expected to be significant changes in how the US taxes multinational corporations. ... But [Accenture's] board didn't consider moving Accenture to the US. 'What shareholder would ever vote to incorporate in a country that taxes your world-wide income?' the [Accenture] person asked", Jesse Drucker at the WSJ, 27 May 2009.
Tim Geithner take note.
1 comment:
Maybe we need a global taxing entity... collect from multinationals and redistribute to starving nations... then Accenture and their globehopping brethren could incorporate in UAE, Ireland, Greece... wherever.
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