Change of Jurisdiction
An issue that occurred during the 1990s for some larger companies involved tax treaties which allowed a corporation to change its jurisdiction as a domestic corporation from a U.S. State to the country of Bermuda, allowing it to save huge amounts of tax payments. Some corporations took advantage of this provision, while others did not because of concerns by stockholders as to whether it would be to their advantage to allow the corporation to move its nominal home jurisdiction.
Read more about this topic: Foreign Corporation
Famous quotes containing the words change of, change and/or jurisdiction:
“When Learning’s Triumph o’er her barb’rous Foes
First rear’d the Stage, immortal Shakespear rose;
Each Change of many-colour’d Life he drew,
Exhausted Worlds, and then imagin’d new:”
—Samuel Johnson (1709–1784)
“The correct rate of speed in innovating changes in long-standing social customs has not yet been determined by even the most expert of the experts. Personally I am beginning to think there is more danger in lagging than in speeding up cultural change to keep pace with mechanical change.”
—Mary Barnett Gilson (1877–?)
“The putting into force of laws which shall secure the conservation of our resources, as far as they may be within the jurisdiction of the Federal Government, including the more important work of saving and restoring our forests and the great improvement of waterways, are all proper government functions which must involve large expenditure if properly performed.”
—William Howard Taft (1857–1930)