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Halliburton moving to Dubai

FireGarden

Philosopher
FireGarden
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Aug 13, 2002
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http://www.guardian.co.uk/worldlatest/story/0,,-6475640,00.html

[Clinton] "I think it's disgraceful that American companies are more than happy to try to get no-bid contracts like Halliburton has, and then turn around and say, 'You know, we're not going to stay.'"

On Saturday, Halliburton CEO Dave Lesar announced that the conglomerate's headquarters would move from Houston to Dubai, a booming city in the United Arab Emirates known for its liberal tax and residency laws. Lesar said the company's business was now largely based in the Middle East and Asia.

Halliburton, which was headed by Vice President Dick Cheney from 1995-2000, received several lucrative no-bid government contracts to manage the reconstruction of Iraq following the U.S.-led invasion there. Last month, federal investigators alleged Halliburton was responsible for $2.7 billion of the $10 billion in contractor waste and overcharging in Iraq.

In 2006, Halliburton earned profits of $2.3 billion on revenues of $22.6 billion.

"We have a lot of evidence about their misuse of government contracts and how they have cheated the American soldier, cheated the American taxpayer, they have taken money and not provided the services," said Clinton, a member of the Senate Armed Services Committee. "So, does moving overseas mean that we won't be able to pursue these investigations?"
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LOL.
Rendition Halliburton!
 
Again, it seems like a good business move to go to where your customers are.
 
Perhaps we'll reduce the amount of business we do with them, then. After all, who wants to give all these important Iraq contracts to a company headquartered in an Arab Muslim nation? Sounds like a security risk.
 
They will still be incorporated in America, just adding another HQ closer to the majority of their operations.

But please, lets open the floor to all the conspiracy theories now to let people show their true colors.
 
corplinx said:
They will still be incorporated in America, just adding another HQ closer to the majority of their operations.

But please, lets open the floor to all the conspiracy theories now to let people show their true colors.
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I am going to cut to the chase and mention Clinton's BJ and Hitler.
 
How much will Halliburton save in U.S. taxes?

Not much, for the time being. Halliburton's headquarters has moved, but the company is still incorporated in Delaware and remains subject to U.S. law and taxes. Halliburton also says it won't lay off or transfer any of the 4,000 employees in Houston. The company will still have to pay U.S. income taxes on revenue generated in its U.S. business, which amounted to $194 million last year.

To skip out on U.S. taxes altogether, Halliburton would need to incorporate overseas. This feat calls for some tricky legal acrobatics. A 2005 regulation from the Internal Revenue Service makes it almost impossible to reincorporate without merging with a foreign company. If Halliburton did manage to reincorporate overseas, it would still need to dump its existing shareholders to avoid paying U.S. taxes. In any case, it wouldn't make much sense to pursue this plan in Dubai. Bermuda and the Cayman Islands still offer the best deal for dodging taxes and regulations.

The move to Dubai could save Halliburton (and CEO Dave Lesar) some money on foreign taxes, though. (With operations in 100 countries, Halliburton had to pay out $289 million to foreign governments last year.)
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http://www.slate.com/id/2161652/
 
The Halliburton Lesar works for is not the government contracts side...that is unless the governement drills for oil
 
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