PARIS — The Organization for Economic Co-operation and Development says large multinationals are using legal loopholes to avoid paying their fair share of taxes and that global solutions are needed to combat the problem.The OECD report says many rules designed to protect multinational corporations from being double-taxed go too far and sometimes allow them to pay no taxes at all.[np_storybar title=”Yahoo joins Google, other corporate giants in US$13-trillion Netherlands tax haven” link=”https://business.financialpost.com/2013/01/23/yahoo-joins-google-other-corporate-giants-in-us13-trillion-netherlands-tax-haven/”%5DBy routing profits through the Netherlands en route to island havens, companies receive an important benefit: they generally don’t have to pay taxes on payments leaving or entering the country.Keep reading. [/np_storybar]It says such rules do not properly reflect today’s economic integration across borders, the value of intellectual property or new communications technologies.The G20 countries commissioned the OECD study, which was released Tuesday ahead of a weekend meeting of finance ministers and central bankers from 20 of the world’s leading economies.The OECD says the gaps that enable multinationals eliminate or reduce their taxation give them an unfair competitive advantage over smaller businesses.That hurts investment, growth and employment and can leave average citizens footing a larger chunk of the tax bill, the OECD says.“These strategies, though technically legal, erode the tax base of many countries and threaten the stability of the international tax system,” OECD Secretary General Angel Gurria said Tuesday in releasing the study.“As governments and their citizens are struggling to make ends meet, it is critical that all taxpayers — private and corporate — pay their fair amount of taxes and trust the international tax system is transparent.”The OECD said the practices multinational enterprises use to reduce tax liabilities have become more aggressive over the last decade.“Some, based in high-tax regimes, create numerous offshore subsidiaries or shell-companies, each time taking advantage of the tax breaks allowed in that jurisdiction,” it said.“They also claim expenses and losses in high-tax countries and declare profits in jurisdictions with a low or no tax rate.”The report does not suggest optimal tax rates, since each government decides that on its own.However, the OECD said that in coming months it will draw up a plan in co-operation with governments and the business community that will further quantify the corporate taxes lost and provide concrete methods and timelines for reinforcing the integrity of the global tax system.The OECD, with headquarters in Paris, is a global economic policy forum that provides analysis and advice to its 34 member governments and other countries worldwide.
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The eighth annual Kiehl’s LifeRide for amfAR will kick off in Minneapolis, MN, on Monday, July 31, 2017.Video: PSA | 1.2 Million Americans Are Living with HIV/AIDSThe week-long initiative will raise funds for HIV/AIDS research while calling attention to the HIV epidemic among youth.The 8-day, 1,100-mile charity motorcycle ride will make nine stops at Kiehl’s stores along a multi-state route ending in Nashville, TN, on Monday August 7. At each stop, the public will be encouraged to meet the riders, learn more about amfAR, and contribute to the Foundation. Kiehl’s will donate a total of $100,000 over the course of the event. At the conclusion of this year’s ride, Kiehl’s LifeRide for amfAR will have racked up more than 11,500 miles since 2010, and raised more than $1.7 million, funding nine cure-related research projects.Chris Salgardo, President, Kiehl’s USA, and amfAR CEO Kevin Robert Frost will lead this year’s riders: Ian Bohen, actor, Teen Wolf; JR Bourne, actor, Somewhere Between; Anthony Carrino, co-host, Kitchen Cousins; Gilles Marini, actor, Switched at Birth; Tyler Posey, actor, Teen Wolf; Grant Reynolds, host/producer, What Could Possibly Go Wrong?; and Luke Wessman, tattoo artist, Miami/NY Ink.MONDAY, JULY 31—MINNEAPOLIS Kiehl’s Since 1851, Mall of America, 8100 24th Ave., Bloomington, MN, 11 AM-12 PM Kiehl’s at Macy’s, Ridgedale Center, 12411 Wayzata Blvd., Minnetonka, MN, 12:30-1:30 PMWEDNESDAY, AUG. 2—CHICAGOLAND Kiehl’s at Von Maur, Yorktown Center, 145 Yorktown Shopping Center, Lombard, IL, 1:30-2:30 PM Kiehl’s at Bloomingdale’s, 900 North Michigan Ave., Chicago, IL, 4:30-5:30 PMTHURSDAY, AUG. 3—CHICAGOLAND Kiehl’s Since 1851, The Shops at North Bridge, 520 N. Michigan Ave., Chicago, IL, 11 AM-12 PMFRIDAY, AUG. 4—INDIANAPOLIS Kiehl’s Since 1851, The Fashion Mall at Keystone, 8702 Keystone Crossing, Indianapolis, IN, 12-1 PMSATURDAY, AUG. 5—LEXINGTON Kiehl’s at Dillard’s, Fayette Mall, 3625 Nicholasville Rd., Lexington, KY, 11:30 AM-12:30 PMMONDAY, AUG. 7—NASHVILLE Kiehl’s at Dillard’s, CoolSprings Galleria, 1796 Galleria Blvd., Franklin, TN, 11AM-12 PM LIFERIDE FINALE! Kiehl’s Since 1851, The Mall at Green Hills, 2126 Abbott Martin Road, Nashville, TN, 12:30-1:30 PMThe proceeds from the 2017 Kiehl’s LifeRide for amfAR will support the research of Dr. Daniela Fera. Dr. Fera is the recipient of one of amfAR’s Mathilde Krim Fellowships, which support bright young scientists seeking innovative solutions to HIV/AIDS. She is reengineering HIV proteins so that they lose their protective shield and elicit a more effective response from the immune system. Her project could advance the search for both a vaccine and a cure. Dr. Fera is an accomplished scientist and teacher who has won several awards for her work in structural biology during her postdoctoral training at Boston Children’s Hospital/Harvard Medical School.Key partners for the ride include Cadillac, Delta Air Lines, and Hedon helmets.