Hong Kong (CNN) – American businessman Scott Huff has a tough juggling act. His business spans three countries: China, Cambodia and the United States. That means keeping his eye on many things, including three separate corporate tax codes. "My advice about corporate taxes is to stay on your toes. It's always changing. It's part of the total burden," he says.
Huff's company, Innovate International, is a design engineering firm based in Shenzhen, China that manufactures everything from hand tools to pet toys. Corporate tax in China is a flat rate of 25%. Cambodia has none if you get can "qualified investor status." Most international companies easily obtain this status because the Cambodian government is trying to attract more business to the country. The U.S. corporate tax rate can be as high as 35% but will likely change since the Republican candidates and President Obama have all proposed to lower the tax rate in order to stimulate the U.S. economy.
(Image: Getty Images)
(CNN) – It was a storybook finish at the world’s richest horse race. After a six-year drought on his home turf (actually a synthetic surface called Tapeta), Sheikh Mohammed bin Rashid Al Maktoum watched with a royal smile that could light up the Meydan Grandstand at the racing venue he built on the outskirts of his emirate Dubai.
Monterosso, ridden by the French jockey he personally picked, Mickael Barzalona, cruised to victory in the $10 million Dubai World Cup. In a CNN interview right off the winner’s circle at Meydan, the Ruler of Dubai and Prime Minister and Vice President of the United Arab Emirates told me, “My heart was in my throat at that time and I didn’t know what to say but thank God we won it and everybody has won - all of the country - I’m double happy now!” FULL POST
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