Energy Companies moving to Switzerland to avoid Obama tax increases

[Smurf-Herder]

The one-man wrecking crew does it again ... :thumbsup:

RPT-FEATURE-Corporate oil booms in low-tax Switzerland

ZUG, Switzerland, March 12 (Reuters) - The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom.

Yet a wave of energy companies has in the last few months announced plans to move to Switzerland -- mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration.

In a country with scant crude oil production of its own, the virtual energy boom has changed the canton or state of Zug, about 30 minutes' drive from Zurich, beyond all recognition. Its economy was based on farming until it slashed tax rates to attract commerce after World War Two.

It still has a chocolate-box old town with views over a lake to the high Alps, but is now surrounded by gleaming corporate offices -- including commodity trader Glencore and oil refiner Petroplus -- shopping malls and housing developments.

Local authorities say about 13 percent of full-time jobs in Zug canton are in the raw materials sector.

Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.

"Switzerland has a stable and developed tax regime and a network of tax treaties with most countries where we operate," Transocean Chief Executive Bob Long said in a statement in October, when it announced its move. "As a result, the redomestication will improve our ability to maintain a competitive worldwide effective corporate tax rate."

Guido Jud, head of Zug's tax office, said about 1,200 companies had set up shop there in 2008 -- in line with the long-term average, though it is difficult to assess how many of those are foreign companies until they file tax returns.

Swiss cantons are free to set their own tax rates. For example in Zug, corporate tax is about 16 percent but can fall as low as 9.5 percent for companies that do most of their business outside Switzerland. That compares with an average global corporate tax rate of 25.9 percent, according to consultancy KPMG.

"One trend that we see is that particularly Bermuda-based companies are now moving to Switzerland," said Martin Frey, a partner at law company Baker & McKenzie. "That may only partly be obviously for tax reasons, but also for security reasons and the fact that the Obama administration may go after them."

3 page article: http://www.reuters.com/article/rbssEnergyNews/idUSL312427120090312?feedType=RSS&feedName=rbssEnergyNews&rpc=22

[Moby]

Just think what would happen if we gave these companies leases to all our oil?

[Smurf-Herder]

Just think what would happen if we gave these companies leases to all our oil?


Just think how the economy will improve - with them having less of a US tax obligation being headquartered overseas.

BTW brainiac, the companies mentioned were the drilling contractors, not oil companies.

[disrupter]

Shows just what turn-coat traitors these companies are.

Screw these fucking traitors,
don't allow them to do business here in OUR USA.

Next they will be relocating to Dubai where they can help subsidize terrorists, just like Halibuton has done.

[Dale escondido]

Shows just what turn-coat traitors these companies are.

Screw these fucking traitors,
don't allow them to do business here in OUR USA.

Next they will be relocating to Dubai where they can help subsidize terrorists, just like Halibuton has done.

Yep run them all out and well be the greenist nation on earth:taunt:
We can become the vacation nation for rich chinese and arabs and the mexicans can make their beds anbd cook for um.
Americans can go,,,,,,,,,,,,,well who cares, we got ?????????????

[Moby]

Where is Halliburton headquartered now and how much money do they get in government contracts involving tax payer dollars and sensitive classified information?

I guess they're elite so it's OK.

[Dale escondido]

Where is Halliburton headquartered now and how much money do they get in government contracts involving tax payer dollars and sensitive classified information?

I guess they're elite so it's OK.

Whats your point?
Sometimes its hard to understand what you stand for.
You want a better america for your daughter and you dont seem to want to fight for anything, just against.

[Smurf-Herder]

Whats your point?
Sometimes its hard to understand what you stand for.
You want a better america for your daughter and you dont seem to want to fight for anything, just against.

SM only stands for arguing with conservatives.

[disrupter]

EVERYBODY who works in America pays taxes here,

but it is 'ok' to let corporations who profit from our infrastructure & legal protections to get away Scott free?

If they don't want to pay their fair share, fuck them.
See how much money they make trying to sell their shabby products to impoverished people in the 3rd world.

[ROdger Right]

So disrupter youll help me remove the government?

[Moby]

SM only stands for arguing with conservatives.
Only pointing out that you missed what's already been happening. Why are you now interested in this when it's been happening for years?

It's like you never had any idea that America was taking on debt, companies were moving over seas to avoid taxes and the push for a global government started.

WTF do you think we've been telling you has been happening for years?

[ROdger Right]

Well all i can figure is that both parties are aginst America. For it is happening as they were/are in power.

I think its been brought up a few times in the past too.

[Smurf-Herder]

Only pointing out that you missed what's already been happening. Why are you now interested in this when it's been happening for years?

It's like you never had any idea that America was taking on debt, companies were moving over seas to avoid taxes and the push for a global government started.

WTF do you think we've been telling you has been happening for years?

I've always been interested in this. When taxes go down businesses locate here. When they go up, they relocate overseas.

Doesn't it make sense to try to keep businesses here, instead of driving them away?

[Moby]

I've always been interested in this. When taxes go down businesses locate here. When they go up, they relocate overseas.

Doesn't it make sense to try to keep businesses here, instead of driving them away?
Companies are going to move over seas for tax reasons no matter what we do unless we give them the same tax heaven of "No Taxes" that they can get from other countries.

Your claim that Obama's tax plan is causing it now makes it sound like it wasn't happening before, it was and you seem to be very misinformed. Haven't you heard about all the jobs moving over seas? The defense contractors getting no bid contracts? Dick Cheney's company?

Where have you been Smurf? You claim that you watch the news but I think you only watch the pundits.

It's like you were asleep the past 8 years.

[GetAClue]

EVERYBODY who works in America pays taxes here,

but it is 'ok' to let corporations who profit from our infrastructure & legal protections to get away Scott free?

If they don't want to pay their fair share, fuck them.
See how much money they make trying to sell their shabby products to impoverished people in the 3rd world.

Hey braniac, are you going to quit using all products made from oil? You show us how big guy. That will teach em, won't it!

After all, we're going to turn this into a green country and do away with those things. So if you are not going to be driving your car anymore, can you send it to me? I have a kid turning 16 soon and would love for someone to "give" them a car instead of me paying for it?

Oh god, now I sound like a liberal!

[Hog Trash]

Just think what would happen if we gave these companies leases to all our oil?Damn Moby!....You are actually right....There would definately have to be do's and don'ts in the contract.

[Smurf-Herder]

Companies are going to move over seas for tax reasons no matter what we do unless we give them the same tax heaven of "No Taxes" that they can get from other countries.

Your claim that Obama's tax plan is causing it now makes it sound like it wasn't happening before, it was and you seem to be very misinformed. Haven't you heard about all the jobs moving over seas? The defense contractors getting no bid contracts? Dick Cheney's company?

Where have you been Smurf? You claim that you watch the news but I think you only watch the pundits.

It's like you were asleep the past 8 years.

SM, you are a blind fool.

The point is, it's going to happen at an accelerated rate, with raising taxes. Especially the Cap and Trade plan, which will raise the cost of energy by over $3000 a year for an average family of four. Imagine how that will hit industry with a huge energy bill, when the economy is in turmoil?

[Binky]

Shows just what turn-coat traitors these companies are.

Screw these fucking traitors,
don't allow them to do business here in OUR USA.

Next they will be relocating to Dubai where they can help subsidize terrorists, just like Halibuton has done.


Oh, but we will still allow them to do business here. :banghead:

[Smurf-Herder]

Screw these fucking traitors,
don't allow them to do business here in OUR USA.




They aren't exactly Paul Revere. They're business people. And their first duty is to make a profit for their stockholders - average people's 401k plans and other such things.

Yeah, that's brilliant. Don't let the energy people do business here, just for spite. We can curse them while we sit in the dark, hording our candles.

[Dale escondido]

Companies are going to move over seas for tax reasons no matter what we do unless we give them the same tax heaven of "No Taxes" that they can get from other countries.

Your claim that Obama's tax plan is causing it now makes it sound like it wasn't happening before, it was and you seem to be very misinformed. Haven't you heard about all the jobs moving over seas? The defense contractors getting no bid contracts? Dick Cheney's company?

Where have you been Smurf? You claim that you watch the news but I think you only watch the pundits.

It's like you were asleep the past 8 years.

"No tax" incentives are a big problem. Even states negotiate same deals to bring business in privately.
When small business leaves the US they are obligated to our taxes for 5 or more years as a discouragement.
I am not sure how big business deals with this but i bet they get around it.
Freight cost do limit some departures but taxes can eventually make leaving desireable.
I looked in brazil once and at the time there was 5 years no tax 5 year half tax with the hiring of 10 or more.

[Moby]

SM, you are a blind fool.

The point is, it's going to happen at an accelerated rate, with raising taxes. Especially the Cap and Trade plan, which will raise the cost of energy by over $3000 a year for an average family of four. Imagine how that will hit industry with a huge energy bill, when the economy is in turmoil?
Your headlines claims that they're leaving because of the Obama tax plan which is completely false because they've been leaving already. A trend started years ago. You just didn't notice because no one told you to get excited about it.

[Smurf-Herder]

Your headlines claims that they're leaving because of the Obama tax plan which is completely false because they've been leaving already. A trend started years ago. You just didn't notice because no one told you to get excited about it.

Stop playing twister.

They've been leaving and coming for decades. You're unable to differentiate why - Political Dementia