Word: arabian
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Satchel of Scorpions. Ever since Britain gave up Jordan last year, Hussein's neighbors have crowded close in the name of Arab "unity"-to help themselves. At the time of last fall's invasion of Egypt, Syrian, Iraqi and Saudi Arabian troops moved into Jordan to "protect" it; the Syrians and Saudis are still there...
...Hashemite clan in direct descent from the Prophet Mohammed. He is also the Westernized product of a British schooling, who likes nothing better than to tinker over a souped-up Cadillac at the Amman auto club, pilot his personal jet across the desert skies, or dance the Arabian nights out to Latin American jazz rhythms. He has the flashing eyes and the bearing of a highly bred Arab prince; his manners and speech are those of a young Englishman...
...last week developed a new line of attack. He asked the Administration to consider imposing a tariff on oil imports, to offset "the threat to our national security" resulting from the loss of tax revenues from overseas oil operations. What Senator O'Mahoney meant in particular was the Arabian American Oil Co.'s tax arrangement with Saudi Arabia, through which Aramco last year avoided paying a penny of corporate income tax to the U.S. Treasury...
Aramco could have fought the tax, since a 1933 agreement with the Saudi Arabian government barred income taxes. But it decided to pay anyway, because the tax did not actually cost Aramco any additional money. It simply shifted the company's tax payments from the U.S. to Saudi Arabia. Last year, by deducting its payments to Saudi Arabia ($280 million) and taking advantage of the 27½% depletion allowance given to all U.S.-owned oil companies, Aramco wiped out its U.S. corporate tax liabilities. Senator O'Mahoney and others contend that Aramco and Saudi Arabia settled...
Treasury Approval. Aramco says that changing conditions forced it to accept the Saudi Arabian income tax. King Saud insisted on an income tax instead of a royalty, the company maintains, because he wanted to get more money, yet give Aramco incentive to grow in Saudi Arabia by leaving its profit return untouched. Aramco points out that the U.S. still derives substantial benefit from taxes levied on the company's declared dividends and on dividends to stockholders of the four U.S. companies that own Aramco...