SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Alamos Gold
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Stephen O who wrote (1547)2/25/2002 8:34:55 AM
From: Al Collard  Read Replies (1) of 4470
 
CM-t...in the news:

NP says CIBC beats the taxman mysteriously

Mon 25 Feb 2002

The National Post reports in its Saturday, Feb. 23, edition that Canadian
Imperial Bank of Commerce posted earnings of $1.69-billion for fiscal 2001
and yet paid only 5 per cent or $92-million in income taxes while its
Canadian banking peers paid no less than 27 per cent. The Post's Derek
DeCloet writes that last year CIBC earned $240-million in North America,
the rest of its profit came from its West Indies operations where corporate
taxes are low. The Post explains that much of CIBC's West Indies profit
originated with its investment in Global Crossing. In the past three years,
CIBC has booked more than $2-billion in Global Crossing revenue. However,
Bermuda-based Global Crossing does not account for all of the bank's
apparent prosperity in the region. In fact, CIBC has reported almost
$4.5-billion in revenue from its West Indies operations in the past three
years. And some $2-billion of that is interest income (the gains from
Global Crossing are non-interest income). CIBC has a retail and banking
presence in Caribbean, but with 42 branches it is small. The Post says how
CIBC earns so much money in low-tax countries with few staff and minimal
expenses is a mystery.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News