As they go electric, auto giants vie for tiny US prize

The all-electric Chevrolet Bolt EV, with a range of 238 miles (380 kilometers) on a charge, comes in under $30,000 -- after a federal tax rebateThe auto industry's push into electric vehicles is turning an important corner in 2017 with the arrival of longer-range, battery-powered cars at more accesible prices. This year could see as many as 20 new and updated electric cars models on US showroom floors, Kevin Riddell of the research company LMC Automotive told AFP. The all-electric Chevrolet Bolt EV, with a range of 238 miles (380 kilometers) on a charge, comes in under $30,000 — after a federal tax rebate — and already is on the market in two states with a nationwide rollout expected in the spring.

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India’s top court throws out case alleging Modi took cash payments

India's Prime Minister Narendra Modi arrives to launch a digital payment app linked with a nationwide biometric database during the "DigiDhan" fair, in New DelhiBy Suchitra Mohanty NEW DELHI (Reuters) – India's Supreme Court on Wednesday threw out a case brought by an anti-corruption lawyer that accused Prime Minister Narendra Modi of accepting suspicious cash payments, dealing a blow to an opposition leader who had latched on to the case. A panel of judges found that there was too little evidence to go on, deflating Rahul Gandhi's warnings late last year that he would cause an "earthquake" by unveiling proof that Modi was corrupt. In the event, it transpired that the heir apparent to the leadership of the opposition Congress party was referring to a case already before India's highest court that relied on evidence recovered in income-tax raids on two corporate houses.

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Boeing, lobby group team up to defend $8.7 billion in state tax breaks

The Boeing Company logo is projected on a wall at the "What's Next?" conference in ChicagoBy Alwyn Scott SEATTLE (Reuters) – A dispute over $8.7 billion in Washington state tax breaks is heating up after Boeing Co joined a new lobbying group set up to preserve the industry incentives, the biggest in U.S. history. The group, launched on Tuesday, opposes efforts to make the aerospace tax breaks, passed in 2013, dependent on Boeing maintaining minimum employment levels in the state. The new group, Aerospace Works for Washington, will be a "megaphone" to warn that jobs are at risk, said Maud Daudon, chief executive of the Seattle Metropolitan Chamber of Commerce, which is leading the effort.

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Supreme Court rejects Dow over $1 billion tax deduction claim

Sign is seen at an entrance to a Dow Chemical Co plant in PlaquemineThe U.S. Supreme Court on Monday declined to hear Dow Chemical Co's bid to revive its claim to more than $1 billion in tax deductions based on partnerships the company entered into that lower courts said were created primarily to avoid tax liability and had no legitimate business purpose. The lower courts agreed with the Internal Revenue Service that Dow did not deserve the tax benefits, and also imposed a 20 percent penalty for negligence and substantial understatement of taxes. Chemtech I was a type of tax shelter marketed by Goldman Sachs Group Inc to large companies under the name SLIPs, which stood for Special Limited Investment Partnerships, while Chemtech II was created by the King & Spalding law firm.

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Constellation profit beat clouded by Trump tax proposals

Corona beers are pictured at a BevMo! store ahead of Constellation Brands Inc company results in PasadenaThe company's shares, which makes beers such as Corona and Modelo in Mexico and imports them to the United States, fell as much as 8.9 percent to $144. "There is a high level of investor skittishness around the stock due to potential tax changes from the new administration," SunTrust Robinson Humphrey analyst William Chappell Jr. wrote in note. The proposal, which is meant to boost U.S. manufacturing, would tax U.S. imports at the corporate income tax rate making them 20 percent more expensive, while exports would be exempt.

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Deutsche Bank to pay $95 million to end U.S. tax fraud case

A statue is pictured next to the logo of Germany's Deutsche Bank in FrankfurtDeutsche Bank AG agreed to pay $95 million to resolve a U.S. government lawsuit accusing the German bank of tax fraud for using "insolvent" shell companies to hide significant tax liabilities from the Internal Revenue Service in 2000. Under the accord described in papers filed on Wednesday with the federal court in Manhattan, Deutsche Bank also admitted to trying to stick the shell companies with the tax bill for its then-new stake in drugmaker Bristol-Myers Squibb Co . "The government, through this action and settlement, has made Deutsche Bank admit to its actions designed to avoid taxes," U.S. Attorney Preet Bharara in Manhattan said in a statement.

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Macri honeymoon with Argentina’s Congress appears over after first year

Argentine President Macri speaks during news conference at the Olivos presidential residence in Buenos AiresBy Nicol├ís Misculin BUENOS AIRES (Reuters) – Argentina's opposition-dominated Congress helped center-right President Mauricio Macri pass market-friendly reforms in his first year in office, but legislators are growing more hostile as they gear up for mid-term elections in 2017. In what could be a preview of next year, the lower house this month dealt the government a rude awakening when it passed an alternate version of the government's income tax proposal and forced Macri's team back to the negotiating table. "Each lawmaker is going to have to start differentiating themself." Businesses cheered Macri's election after 12 years of leftist rule but most want assurances the change he represents is sustainable and further reforms can be passed before they commit to investments needed to restore economic growth.

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Headaches, insects and yachts; excuses for not filing British tax returns

File photo of a pedestrian walking past the headquarters of Her Majesty's Revenue and Customs (HMRC) in central LondonLONDON (Reuters) – "My tax return was on my yacht … which caught fire" – just one of the dozens of unusual excuses the British government's tax collector said it receives each year from customers who fail to complete their returns on time. "A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed," was another, while several blamed children, partners or colleagues for inadvertently destroying their forms. "It's easy to see that some excuses for not completing a tax return on time can be more questionable than others," said Ruth Owen, HMRC Director General of Customer Services.

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Exclusive: Foreign banks in Britain pay fraction of tax rate

Pedestrian pass offices of Goldman Sachs in LondonSome of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6 percent on the billions of dollars of profits they made in the country last year, a Reuters analysis of regulatory filings shows. Seven of the biggest international banks operating in London – Europe's main investment banking center – have published profit and tax data ahead of a year-end deadline stipulated by EU law. Five of them, all U.S. banks, reported a profit – a combined $7.5 billion – and paid corporation tax, or corporate income tax, of $452 million.

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U.S. tax reform proposal on border trade faces growing opposition

U.S. President-elect Donald Trump speaks at the USA Thank You Tour event at the Wisconsin State Fair Exposition Center in West Allis, WisconsinBy David Morgan WASHINGTON (Reuters) – A sweeping tax reform proposal meant to boost U.S. manufacturing faces mounting pressure from industries that rely heavily on imported goods as President-elect Donald Trump and congressional Republicans work to finalize new tax legislation. As Republican members of the House of Representatives tax committee prepared to discuss tax reform this week, the panel received a letter from 81 industry groups rejecting the proposal known as "border adjustability." A lynchpin of the House Republican "Better Way" agenda and viewed favorably by Trump's team, the policy would help manufacturers by exempting export revenues from corporate taxes. House Republicans hope to persuade Trump to back the policy as a means to fulfill his campaign pledge to create blue-collar jobs.

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