|
Golden Gimmick
The Golden Gimmick refers to a foreign tax credit deal enacted in November 1950 by the U.S. Government under President Harry Truman between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. King Ibn Saud was being influenced by Juan Pablo Pérez Alfonso of Venezuela who cut a similar 50/50 deal with New Jersey Standard Oil and Royal Dutch Shell. This 50/50 deal accorded the American oil companies a tax break equivalent to 50% of their profits on oil sales, with the other 50% to be diverted to King Ibn Saud via the US Treasury. The King agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil. Venezuela eventually led the effort in forming OPEC and Saudi Arabia gained full control of Aramco by 1980. References See also * Corporate welfare * Saudi Aramco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Tax Credit
A foreign tax credit (FTC) is generally offered by income tax systems that tax residents on worldwide income, to mitigate the potential for double taxation. The credit may also be granted in those systems taxing residents on income that may have been taxed in another jurisdiction. The credit generally applies only to taxes of a nature similar to the tax being reduced by the credit (taxes based on income) and is often limited to the amount of tax attributable to foreign source income. The limitation may be computed by country, class of income, overall, and/or another manner. Most income tax systems therefore contain rules defining source of income (domestic, foreign, or by country) and timing of recognition of income, deductions, and taxes, as well as rules for associating deductions with income. For systems that separately tax business entities and their members, a deemed paid credit may be offered to entities receiving income (such as dividends) from other entities, with respect to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in the Caribbean Sea. It has a territorial extension of , and its population was estimated at 29 million in 2022. The capital and largest urban agglomeration is the city of Caracas. The continental territory is bordered on the north by the Caribbean Sea and the Atlantic Ocean, on the west by Colombia, Brazil on the south, Trinidad and Tobago to the north-east and on the east by Guyana. The Venezuelan government maintains a claim against Guyana to Guayana Esequiba. Venezuela is a federal presidential republic consisting of 23 states, the Capital District and federal dependencies covering Venezuela's offshore islands. Venezuela is among the most urbanized countries in Latin America; the vast majority of Venezuelans live in the cities of the n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1950 In The United States
Events from the year 1950 in the United States. Incumbents Federal government * President: Harry S. Truman ( D-Missouri) * Vice President: Alben W. Barkley ( D-Kentucky) * Chief Justice: Fred M. Vinson (Kentucky) * Speaker of the House of Representatives: Sam Rayburn ( D-Texas) * Senate Majority Leader: Scott W. Lucas ( D-Illinois) * Congress: 81st Events January–March * January 5 – U.S. Senator Estes Kefauver introduces a resolution calling for an investigation of organized crime in the U.S. * January 7 – A fire consumes Mercy Hospital in Davenport, Iowa, killing 41 patients. * January 12 – Cold War: U.S. Secretary of State Dean Acheson delivers his "Perimeter Speech", outlining the boundary of U.S. security guarantees. * January 17 – Great Brinks Robbery: 11 thieves steal more than $2,000,000 from an armored car in Boston, Massachusetts. * January 21 – Accused communist spy Alger Hiss is convicted of perjury. * January 24 – Cold War: Klaus F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1950 In Saudi Arabia
Year 195 ( CXCV) was a common year starting on Wednesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Scrapula and Clemens (or, less frequently, year 948 ''Ab urbe condita''). The denomination 195 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Emperor Septimius Severus has the Roman Senate deify the previous emperor Commodus, in an attempt to gain favor with the family of Marcus Aurelius. * King Vologases V and other eastern princes support the claims of Pescennius Niger. The Roman province of Mesopotamia rises in revolt with Parthian support. Severus marches to Mesopotamia to battle the Parthians. * The Roman province of Syria is divided and the role of Antioch is diminished. The Romans annexed the Syrian cities of Edessa and Nisibis. Severus re-establish his head ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Economics
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil. A fossil fuel, petroleum is formed when large quantities of dead organisms, mostly zooplankton and algae, are buried underneath sedimentary rock and subjected to both prolonged heat and pressure. Petroleum is primarily recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, and reservoir characterisation. Recent developments in technologies have also led to exploitation of other unconventional reserves such as oil sands and oil shale. Once extracted, oil is refined and separated, most easily by distillation, into innumerable products for direct use or use in manufacturing. Products include fuels such as gasoline (pet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saudi Aramco
Saudi Aramco ( ar, أرامكو السعودية '), officially the Saudi Arabian Oil Company (formerly Arabian-American Oil Company) or simply Aramco, is a Saudi Arabian public petroleum and natural gas company based in Dhahran. , it is one of the largest companies in the world by revenue. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than , and largest daily oil production of all oil-producing companies. It is the single greatest contributor to global carbon emissions of any company in the world since 1965. On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc. Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. In 2013 crude oil production total was , and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves. Saudi Aramco operates the Ghawar Field ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Welfare
Corporate welfare is a phrase used to describe a government's bestowal of money grants, tax breaks, or other special favorable treatment for corporations. The definition of corporate welfare is sometimes restricted to direct government subsidies of major corporations, excluding tax loopholes and all manner of regulatory and trade decisions. Origin of term The term "corporate welfare" was reportedly coined in 1956 by Ralph Nader. Alternative adages "Socialism for the rich, capitalism for the poor" Believed to have been first popularised by Michael Harrington's 1962 book ''The Other America'' in which Harrington cited Charles Abrams, a noted authority on housing. Variations on this adage have been used in criticisms of the United States' economic policy by Joe Biden, Martin Luther King Jr., Gore Vidal, Joseph P. Kennedy II, Robert F. Kennedy, Jr., Dean Baker, Noam Chomsky, Robert Reich, John Pilger, Bernie Sanders, and Yanis Varoufakis. "Privatizing profits and social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OPEC
The Organization of the Petroleum Exporting Countries (OPEC, ) is a cartel of countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. , the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 % of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called " Seven Sisters" grouping of multinational oil companies. The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations. The effect can be particularly strong when wars or civil disorders lead to extended interruptions in supply. In the 1970s, restrictions in oil production led to a dramatic r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Break
Tax break also known as tax preferences, tax concession, and tax relief, are a method of reduction to the tax liability of taxpayers. Government usually applies them to stimulate the economy and increase the solvency of the population. By this fiscal policy act, government favourable behaving of population sample or general behaving. By announcing a new tax break state budget possibly deprecate some of their revenues from collecting taxes. On the other hand, a new tax break stimulates the economy of subjects in the state, which could possibly strengthen the increase of outcomes that will be taxed. Every tax break must go through the Legislative system to be accepted by authorized institutions to become valid. Most of the countries pledge this position to the Ministry of finance, which approves new tax breaks as tax law. Whether for validation is needed an agreement with other constitutional officials depends on state legislative. However, in the same manner, could the tax break be a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Truman
Harry S. Truman (May 8, 1884December 26, 1972) was the 33rd president of the United States, serving from 1945 to 1953. A leader of the Democratic Party, he previously served as the 34th vice president from January to April 1945 under Franklin Roosevelt and as a United States senator from Missouri from 1935 to January 1945. Assuming the presidency after Roosevelt's death, Truman implemented the Marshall Plan to rebuild the economy of Western Europe and established both the Truman Doctrine and NATO to contain the expansion of Soviet communism. He proposed numerous liberal domestic reforms, but few were enacted by the conservative coalition that dominated the Congress. Truman grew up in Independence, Missouri, and during World War I fought in France as a captain in the Field Artillery. Returning home, he opened a haberdashery in Kansas City, Missouri, and was elected as a judge of Jackson County in 1922. Truman was elected to the United States Senate from Missouri in 1934. In 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Dutch Shell
Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New York Stock Exchange. It is one of the oil and gas "supermajors" and by revenue and profits is consistently one of the largest companies in the world. Measured by both its own emissions, and the emissions of all the fossil fuels it sells, Shell was the ninth-largest corporate producer of greenhouse gas emissions in the period 1988–2015. Shell was formed in 1907 through the merger of Royal Dutch Petroleum Company of the Netherlands and The "Shell" Transport and Trading Company of the United Kingdom. The combined company rapidly became the leading competitor of the American Standard Oil and by 1920 Shell was the largest producer of oil in the world. Shell first entered the chemicals industry in 1929. Shell was one of the " Seven Sisters" whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Oil
Standard Oil Company, Inc., was an American oil production, transportation, refining, and marketing company that operated from 1870 to 1911. At its height, Standard Oil was the largest petroleum company in the world, and its success made its co-founder and chairman, John D. Rockefeller, who is among the wealthiest Americans of all time and among the richest people in modern history. Its history as one of the world's first and largest multinational corporations ended in 1911, when the U.S. Supreme Court ruled that it was an illegal monopoly. The company was founded in 1863 by Rockefeller and Henry Flagler, and was incorporated in 1870. Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration; the company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. "Trust-busting" cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> OPEC")
