"
The European Commission will present by the end of March its plan for overhauling tax rules for internet giants Men's Nike Air Max 95 Just Do It Orange Australia , aimed at making them pay up in the countries where they earn their profits, a top official said Sunday.


EU Economic Affairs Commissioner Pierre Moscovici told France's Radio J that his proposals would ""create a consensus and an electroshock"" on taxing digital economy revenues.


Under EU law, American technology titans like Google and Facebook can choose to report their income in any member state, prompting them to pick low-tax nations like Ireland, the Netherlands or Luxembourg.


That deprives other nations in the bloc of any of the tax revenue, even though they may account for a bigger share of the earnings.


The Organisation for Economic Cooperation and Development says such rules cost governments around the world as much as $240 billion (193 billion euros) a year in lost revenue, according to a 2015 estimate.


""The idea is to be able to identify the activities of digital companies Men's Nike Air Max 95 Just Do It Shoes White Australia , so we need a range of indicators -- the number of clicks, the number of IP addresses, advertising, and eventually revenues... and then we'll find ways to tax them,"" Moscovici said.


He said the new rules would apply to giants like Google, Apple, Facebook and Amazon -- together known as GAFA -- as well as services like AirBnB and Booking.


""When you rent a room on Booking Men's Nike Air Presto Fly Just Do It Shoes Black Australia , it generates considerable revenue for a company which we don't really know where it's located, and which pays very little in taxes,"" he said.


On average internet giants pay a tax rate of 9 percent in Europe, compared with an average corporate rate of 23 percent, Moscovici said.


Agencies

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URUMQI, Jan. 23 (Xinhua) -- Li Jinyu got up at six am onSaturday morning, three hours before sunrise in northwest China'sUrumqi nike paul george shoes australia , to catch an international flight to Bulgaria.


The 15-year-old speed skater is scheduled to make herinternational debut at next week's world junior short-trackspeedskating championships.


"It's my first time to compete abroad, and I wish I could have agood result," she said.


Li impressed at the ongoing National Winter Games, China'stop-level winter sports competition, as she grabbed the silvermedal in the 1,500m in 2:16.202, which surpassed the world recordof 2:16.729 set by compatriot Zhou Yang eight years ago. SochiOlympics runner-up Fan Kexin won the gold medal in 2:16.024.


No one had expected Li's performance.


"It is beyond my expectations nike sb paul shoes australia ," Li said afterwards. "I felttired over the last three laps but I heard my coach ask me to gofaster."


"I was very surprised," said Li's coach Zhao Shuqi. "She's only15 and lack experiences. Her best result before the Games was afourth finish in the 1,000m qualification. She is young, but verytalented, and very smart."


Chinese national team coach Li Yan also heaped praises on thegirl.


"I am more than happy to see Li Jinyu take a silver with such agood time and at such a young age," said Li.


Li started short-track speedskating at seven, when Beijing wonthe bid to host the 2008 Olympic Games.


"I first heard about the Olympic Games in 2004 nike chris paul shoes australia , when I was onlythree years old, I knew that Liu Xiang did a great thing," shesaid.


"In 2008, I watched the Beijing Olympic Games on TV, and I juststarted skating. I thought maybe someday I can compete in theOlympic Games as well.


"I hope I can do something great for my country as Liu Xiangdid. But I am still young now, I need to improve step by step."


Liu Xiang won the men's 110m hurdle gold medal at the AthensOlympics in 2004 and became a super star since then.


Li seemed extremely young in the rink. "I was very nervousbefore the race, but when the competition started nike lebron james shoes australia , I had no otherthoughts and just focused on my race."


Li also took part in the 500m, 1,000m and 3,000m relay in theNational Winter Games. She could have also made the 1,000m final,but was surpassed in the last two laps.


"I feel a little pity about the 1,000m nike kyrie irving shoes australia ," she said. "I was in thesecond place before the last two laps."


The 13th National Winter Games, which kicked off Wednesday, willrun through Jan. 30. It is for the first time since the wintersporting gala was introduced in 1959 that the quadrennial event hasbeen held outside the northeastern provinces of Heilongjiang andJilin. Enditem


A yuan clearing bank will be officially appointed in the United Kingdom in June, said Mark Boleat, policy chairman for the City of London Corp, in an exclusive interview with China Daily.


"There will be a clearing bank in London. In due course, there will be an announcement nike kobe bryant shoes australia ," Boleat said on Friday.


The news will be an endorsement for London's efforts to become an offshore yuan center. Other European financial centers in the race to become a yuan center include Frankfurt, Paris, Switzerland and Luxembourg.


An official clearing bank facilitates efficient clearing of offshore renminbi transactions, achieved through the appointed bank's direct cooperation with the People's Bank of China, the country's central bank.


Boleat said having a clearing bank in London will act as a signal for London's growing yuan activities, although activities are already cleared through many commercial banks' own channels.


For example, in December Standard Chartered teamed up with Agricultural Bank of China to provide their own yuan clearing platform nike kevin durant shoes australia , making use of the two banks' expertise and client base in the UK and China.


Boleat's news follows a memorandum of understanding China and the UK signed in April to work together on a clearing bank for London.


A week before that agreement was reached, China also signed a memorandum with Germany to work on appointing a clearing bank in Frankfurt, highlighting the fierce competition between European financial centers for more yuan activities.


Boleat said his .

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