Halliburton Moving HQ To Dubai

theodp writes "Much-maligned defense contractor Halliburton is moving its corporate headquarters from Houston to Dubai in the United Arab Emirates. Dubai's friendly tax laws will add to Halliburton's bottom line. Last year the company earned $2.3B in profits. Sen. Patrick Leahy called the company's move 'corporate greed at its worst.' Halliburton, once headed by VP Dick Cheney, has been awarded contracts valued at an estimated $25.7B for its work in Iraq."

Comments

Get your facts straight

[RichPowers]

Listen, I'm not a fan of Halliburton screwing over the American taxpayers. I'm also against their huge no-bid contracts.

But as Slate's "Explainer," well, explains, Halliburton "is still incorporated in Delaware and remains subject to U.S. law and taxes." The article goes on to say that Halliburton would have a hell of a time incorporating in Dubai, but moving its workforce overseas is not out of the question.

After all, 55% of the company's business comes from the Eastern hemisphere. This move makes perfect sense, given their long-term business plans.

PS: The company's defense component, KBR, is set to become its own company. Halliburton's new HQ should not affect KBR.

http://www.slate.com/id/2161652/fr/rss/

Re:What are they avoiding (besides paying taxes)?

[Wah]

Cheney has NOT been paid by Halliburton since he began running for VP almost 8 yrs ago.

That's not true.

Vice President and Mrs. Cheney filed their federal income tax return for 2004 today. The income tax return shows that the Cheneys owe federal taxes for 2004 of $393,518 on taxable income of $1,328,678. During the course of 2004 the Cheneys paid $290,855 in taxes through withholding and estimated tax payments. The Cheneys paid $102,663 upon filing their tax return.

The wage and salary income reported on the tax return includes the Vice President's $203,000 government salary. In addition, the tax return reports the payment of deferred compensation from Halliburton Company in the amount of $194,852. In December 1998, the Vice President elected to defer compensation earned in calendar year 1999 for his services as chief executive officer of Halliburton. This amount was required be paid in fixed annual installments (with interest) in the five years after the Vice President's retirement from Halliburton.

[pretty good source

Additionally, before he became Vice President, he excercised options worth over $30,000,000.

Re:What are they avoiding (besides paying taxes)?

[twiddlingbits]

Deferred compensation that was paid AFTER he left, the article makes it seem like he was paid as CEO and as VP AT THE SAME TIME. He earned that money in years before 1999 due to performance incentives in his contract and it was due him by his contract that he was given when he was hired. Halliburton had to pay him whether he was VP or was off playing Golf. If they hadn't paid he could have sued. If YOU had met certain incentives wouldn't you want your money? If your options were in the money wouldn't you exercise them? Get the fuck off this, he earned the compensation, options and the money due him just like anyone else. No one gripes that Bill Clinton makes millions "consulting" and has a wife that is a Senior Senator from NY. Talk about influence!

Re:What are they avoiding (besides paying taxes)?

[tempestdata]

You are completely and totally wrong. As a person who was brought up in a suburb of Dubai (I'm not a UAE citizen) I can tell you that Iran and the UAE do NOT get along. Iran tolerates the UAE, and the UAE fears Iran. Simple as that. Do a google on the island of "Abu Musa" (or Abu moosa) and you'll see why. The UAE is very pro US, and Iran as we all no, isn't. The UAE is THE most liberal and open of the Arab societies (with the possible exception of Jordan) .. Iran is one of THE most conservative and religiously fanatical countries of the region. Iran is Shiite. The UAE is mostly Sunni (a significant chunk of which is Wahabi). The LAST thing dubai wants is a nuclear Iran.