InfoAnda - Facebook's Saverin fires back at tax-dodge critics |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Review: `Bataan Death March' detailed, chilling | 15 June 2009
Typhoon Megi claims 10 lives in the Philippines | 19 October 2010
Israeli security chief warns of armed Jewish right | International | | 2 November 2008

Gaza City blacked out after rocket attacks | 13 November 2008

Forum Views () Forum Replies ()

Read more with google mobile : Facebook's Saverin fires back at tax-dodge critics |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (10) REUTERS TV Facebook's advertising challenge Amid the hype over Facebook's public trading debut, the social media network suffers a black eye as General Motors pulls its ads. A source tells Reuters they weren't working. Video Investor reasons to be wary Zuckerberg's hoodie hullabaloo Full coverage of Facebook's IPO by Reuters TV Follow Reuters Facebook Twitter RSS YouTube Read Iran attack decision nears, Israeli elite locks down 12:39pm EDT Insight: Swing states: Could Europe decide the U.S. election? 2:43am EDT Turkey says Israeli plane violates N.Cyprus airspace 10:29am EDT Hanging caused death of wife of Robert Kennedy Jr.: autopsy 12:50pm EDT Facebook's Saverin says to pay millions in U.S. tax 3:27pm EDT Discussed 158 Germany’s Merkel dealt heavy blow in state vote 113 Weary warriors favor Obama 103 Americans split on Obama’s gay marriage decision Watched A look at the UK’s most beautiful face Thu, May 10 2012 Paralysis patient tastes freedom through thought control Wed, May 16 2012 Surfer rides 78-foot wave to world record Fri, May 11 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Inside Greece An insider's look at the people and places that define Greece. Slideshow Transgendered Indian Seema is transgender, one of hundreds of thousands in India who are ostracised, often abused and forced into prostitution. Slideshow Facebook's Saverin fires back at tax-dodge critics Tweet Share this Email Print Related News Analysis: Facebook can't take Asian growth for granted 11:51am EDT Taxes lurk behind court test of Obama health law Wed, May 16 2012 Facebook boosts IPO size by 25 percent, could top $16 billion Wed, May 16 2012 Boehner, Obama clash over debt limit increase Wed, May 16 2012 GM to drop Facebook ads due to low consumer impact Tue, May 15 2012 Analysis & Opinion Essential reading: Tax tension in Washington, and more Counterparties: Are you sick of Facebook yet? Related Topics Politics » Tech » Media » Facebook » The loading screen of the Facebook application on a mobile phone is seen in this photo illustration taken in Lavigny May 16, 2012. Credit: Reuters/Valentin Flauraud By Kevin Drawbaugh WASHINGTON | Thu May 17, 2012 4:34pm EDT WASHINGTON (Reuters) - Facebook co-founder Eduardo Saverin, under fire over the tax consequences of renouncing his U.S. citizenship, said on Thursday he is obligated to and will pay "hundreds of millions of dollars in taxes to the United States government." The social media entrepreneur and investor said in a statement, emailed to Reuters by a spokesman, that his decision to move to Singapore was "based solely on my interest in working and living" there. Saverin said he has been there since 2009. Facebook Inc is poised to make its public debut in the stock market on Friday, after pricing on Thursday at $38 per share. Saverin, 30, stands to make a fortune. Saverin's spokesman declined to comment when asked what portion of the millions of dollars Saverin said he will pay in U.S. taxes are related to the initial public offering. He was accused on Thursday by two U.S. senators of dodging taxes on his Facebook stock-market profits. Bloomberg first reported last week that Saverin had renounced his citizenship and, in so doing, may avoid U.S. taxes on the widely anticipated IPO. In the statement, Saverin said: "I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen. It is unfortunate that my personal choice has led to a public debate, based not on the facts, but entirely on speculation and misinformation." "As a native of Brazil who immigrated to the United States, I am very grateful to the U.S. for everything it has given me ... I will continue to invest in U.S. businesses and start-ups, and believe and hope that those investments will create many new jobs in the U.S. and globally." The IPO could leave Saverin, still a part-owner of Facebook, with a big capital gains tax bill. SCHUMER: 'INFURIATING' Saverin's new home of Singapore has no capital gains tax. The long-term U.S. capital gains tax for high-income Americans is a minimum of 15 percent. Senator Charles Schumer told a news briefing on Thursday: "It's infuriating to see someone sell out the country that welcomed him and kept him safe, educated him and helped him become a billionaire ... We plan to put a stop to this tax avoidance scheme." Schumer and Senator Bob Casey, both Democrats, said at the briefing that they were proposing legislation to crack down on what they see as expatriate tax avoidance. Under the bill, expatriates worth $2 million or more, or with average income tax liability exceeding $148,000 over the past five years, would be presumed to have renounced their citizenship for tax avoidance purposes. These high-income expatriates would get a chance to prove otherwise to the Internal Revenue Service, but if they could not do so, then they would face a 30-percent tax on future investment gains, no matter where they were residing. So long as the taxpayers failed to pay these taxes, they would not be allowed to re-enter the United States. "We simply cannot allow the ultra-wealthy to write their own rules," Casey said. "Mr. Saverin has benefited greatly from being a citizen of the United States but he has chosen to cast it aside and leave U.S. taxpayers with the bill. Renouncing citizenship to simply avoid paying your fair share is an insult to middle class Americans and we will not accept it," he said. HATCH SPOKESWOMAN: TAX REFORM THE ANSWER Antonia Ferrier, a spokeswoman for Senator Orrin Hatch said the Schumer-Casey bill was a talking point rather than a real solution. "The root cause of the problem - an archaic tax code and massive tax burden that incentivizes people to do something like this - must be fixed," said Ferrier. Hatch is the top Republican on the Senate Finance Committee, which oversees tax policy, In a related matter, Democratic Senator Carl Levin criticized in a written statement the tax deduction that Facebook will get via its IPO, estimated at $16 billion. That would result, he said, from a loophole that lets companies claim a stock option tax deduction greater than the expense shown on their books. Levin and other lawmakers have filed legislation to close this loophole, but it has made little headway in the Senate. Broader proposals to reform the complex U.S. tax code for the first time since 1986 also have not advanced in Congress, with lawmakers at a stalemate on a range of issues because of stubborn partisan divisions on tax and spending policy. (Reporting by Kevin Drawbaugh; Editing by Tim Dobbyn) Politics Tech Media Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (10) lucky12345 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Friday, 18 May 2012
Islamists Protest Lady Gaga's Concert in Indonesia
Russia says action on Syria, Iran may go nuclear |
Qaeda chief urges Saudis to topple ruling family |
Russian police detain protest leader, five others |
US to suspend Myanmar sanctions, but keep laws on books |
Iran threatens to sue Google over dropping Persian Gulf |
West African troops start arriving in Guinea-Bissau |
Facebook prices at top of range in landmark IPO |
Iran threatens to sue Google over dropping Persian Gulf |
Apple to use only green power for main data center |
HP mulls cutting at least 25,000 jobs: sources |
Insight: Who got Facebook shares? Fairness may not come into it |
Apple to use only green power for main data center |
AT&T eyes lower subsidies, shared data plans |
Facebook's Saverin fires back at tax-dodge critics |
Disco queen Donna Summer dies at 63 |
And the winner is? The sitcom, as networks add new shows |
Peter Berg discusses bringing Battleship to film |
Contestants? It's TV talent judges basking in fame, cash |
Second Travolta accuser drops suit, hires celebrity attorney |
Adele notches up two Ivor Novello songwriting awards |
Cannes festival opens with quirky comedy and a camel |
Japan Successfully Broadcasts an 8K Signal Over the Air
G8 leaders look to head off euro zone crisis |
China bars blind dissident's family choice of lawyers |
Poll shows Greece electing pro-bailout government |
Former editor says Murdoch sowed seeds of hacking scandal |
Retired officials urge China's ruling party to come clean |
Syria's Assad: Nations that sow chaos will suffer |
Slovenian austerity drive threatened by referendum call |
Resource-rich Mongolia plays populist card in run-up to polls |
Investors brace for Facebook debut on Wall Street |
Verizon data fans to pay more in service or phones |
ZTE confirms security hole in U.S. phone |
GM ad move followed failed Facebook pitch: sources |
Samsung gets 9 million preorders for new Galaxy phone: report |
EA must defend NCAA conspiracy lawsuit |
Insight: Who got Facebook IPO shares? Fairness may not come into it |
Toshiba plans to double operating profit by 2014-15 |
Sorkin says Jobs movie won't be straight biography |
Jessica Sanchez, Phillip Phillips make Idol final |
Broadway play's echoes of Bo scandal may prevent China staging |
And the winner is? The sitcom, TV networks hope |
Avengers may sink Battleship's U.S. launch |
Van Halen postpone more than 30 concert dates |
Iran may seek tactical gain with U.N. nuclear deal |
Growing military buildup, spying in China: Pentagon |
Police detain 400 Blockupy activists in Frankfurt |
Exclusive: Drugmakers weigh emergency supply plan for Greece |
Banks' rising bad loans add to Spanish troubles |
Spat with Iraq bares Turk plunge into regional power game |
U.S. firms eye Myanmar as sanctions suspended |
Facebook fizzles in debut, shares skirt IPO price |
Worries mount as Nokia burns through cash |
Verizon data fans to pay more in service or phones |
Ex-Yahoo CEO Thompson leaves F5 Networks' board |
Joke on Europe as Madagascar sequel comes to Cannes |
Reality TV, celebrity obsession hit Cannes screens |
Exploitation, loneliness in sex tourism film at Cannes |
Sorkin says Jobs movie won't be straight biography |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01