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A day before Apple CEO Tim Cook heads to Washington, the Senate released a report that showed Apple used an unusual global tax structure to pay little or no taxes.
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DUBLIN, May 22- The international community needs to work together to stop large multinationals aggressively playing one country's tax code off against another, Ireland's Minister for Enterprise said on Wednesday.
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While Europe has shale plans of its own, there is as yet no unified EU policy. The reserves will be far harder to extract than in the United States and the final cost to consumers is likely to be substantially higher so Europe will not be able to free itself of dependence on gas imports from Russia any time soon.
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BRUSSELS/ PARIS, May 21- Growing concern in European capitals about aggressive tax avoidance by high-profile corporations such as Amazon, Google and Apple looks set to steal the agenda of a European Union summit in Brussels on Wednesday.
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MOSCOW, May 22- Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for.
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Apple tax head Phillip Bullock told the Senate Permanent Subcommittee on Investigations on Tuesday that one of those companies, Apple Operations International, though it was functionally managed in the United States, had not submitted a tax return anywhere for five years.
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WASHINGTON, May 21- Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government.
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*U.S. Senate subcommittee says Apple paid no tax on $29.9 bln dividends. CORK/ DUBLIN, May 21- Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries.
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Apple Operations International, Apple Sales International and Apple Operations Europe, through which much of the group's overseas income flows, are all incorporated in Ireland but are not deemed to be tax resident there, the Senate's Permanent Subcommittee on Investigations said.
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Ireland said on Tuesday it was not to blame for Apple's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits.
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*U.S. Senate subcommittee says Apple paid no tax on $29.9 bln dividends. DUBLIN, May 21- Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries.
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WASHINGTON- Two senior White House aides knew weeks ago that a probe of the Internal Revenue Service had found that the U.S. tax agency had inappropriately targeted conservative groups, but did not tell President Barack Obama, a White House spokesman said on Monday.
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WASHINGTON/ SAN FRANCISCO, May 20- Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a U.S. Senate report on the company's offshore tax structure said on Monday.
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SAN FRANCISCO, May 20- Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices.
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In a 40- page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies.
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A day before Apple CEO Tim Cook heads to Washington, the Senate released a report that showed Apple used an unusual global tax structure to pay little or no taxes.
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*Bid raised to $12.50/ share from $11.25. DUBLIN/ NEW YORK, May 20- Royalty Pharma raised its hostile bid for Elan to $12.50 per share and threatened to withdraw the bid if Elan shareholders approve a series of defensive transactions announced by the Irish drug firm. Royalty previously offered $11.25 a share.
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DUBLIN, May 20- Royalty Pharma raised its hostile bid for Elan to $12.50 per share and heaped pressure on shareholders, saying it will withdraw the bid if they approve a series of defensive transactions announced by the Irish drug firm.
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May 20- Avon Products Inc, the beauty products direct seller, said on Monday it tapped a former Tupperware Brands Corp executive to be responsible for turning around its business in North America, where sales have been declining for years. Pablo Munoz, who was with Tupperware since 1993, most recently heading the Americas region.
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May 20- Generic drugmaker Actavis Inc, which has been the subject of intense takeover speculation, said on Monday that it had struck a deal to buy specialty pharmaceuticals company Warner Chilcott Plc for $8.5 billion in stock.
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DUBLIN, May 20- Elan announced its second major drug deal inside a week on Monday and said it would buy back more shares as it continues to bat against a $5.7 billion takeover bid from U.S. investor Royalty Pharma.