Musk’s X Corp. AI expansion plans for Atlanta stymied by deadlocked vote on $10.1 million tax break
- The New Zealand branch of software giant Oracle reported a NZ$ 3.04 million ($1.87 million) tax refund after settling a transfer pricing dispute with the country’s Inland Revenue Department. The company, whose headquarters is in Austin, Texas, had disputed the revenue department’s finding of a NZ$20.3 million tax payment shortfall, not counting penalties, for fiscal years 2013-2015. (BusinessDesk)
- The European Union’s border carbon tax mechanism came in for more criticism Thursday. African Development Bank Group President Akinwumi Adesina said at COP28 climate talks in Dubai that the tax could cost African countries as much as $25 billion. Speaking in New Dehli, Indian Finance Minister Nirmala Sitharaman said the tax “is not moral at all.” (Kashmir Vision) (Reuters)
- The two officials’ comments come as Brazil and China at COP28 have criticized the tax as bad for developing countries’ efforts to fight climate change. The EU says the tax is aimed at protecting EU companies that pay a carbon price against unfair competition from countries that have no or low carbon prices. (LegalAvocado.com)
- Big Four consulting firm KPMG is considering a merger of its UK and Swiss branches to boost growth and try to push scandals further into the past. (Financial Times)
Musk's X platform fails to win $10 million tax break from Georgia county
- Elon Musk’s X Corp., which owns the company formerly called Twitter, fell short of getting a proposed $10.1 million tax break to build an AI-powered data center in Atlanta, as the Fulton County board deadlocked in a vote on the proposal. (Atlanta Journal Constitution) (Atlanta Business Journal)
- A former US Internal Revenue Service employee faces up to 10 years in prison after pleading guilty to money laundering in a scheme to defraud a federal program aimed at helping small businesses during the Covid-19 pandemic. (Justice.gov)
- The French government abandoned a plan to raise taxes on pesticides, after a pressure campaign by a major farming industry lobby. (France Info)
- A new Greek law makes its possible for citizens to earn as much as 3,000 euros ($3,229) by using their mobile telephones to report cases of tax evasion. For the person to get the payout, the reported case has to lead to an audit that ends in a financial penalty, according to reports. (Neos Kosmos)
EY India BEPS2 tax adviser takes job at Deloitte Hong Kong
- Former EY India tax manager Surabhi Pareek announced she has taken a job at Deloitte’s Hong Kong branch as international tax services manager. Her LinkedIn profile says she’s a member of the Institute of Chartered Accountants of India and specializes in advice on BEPS 2 matters. (LinkedIn)
