144 nations favor a minimum tax of 15% on corporate profits
Wonder how those corporations are going to squeeze their production factories onto those tax-haven islands in the Caymans and Guernseys.
80-89, M
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ArishMell · 70-79, M
Favouring the proposal is one thing. Implementing another, and it's hard to see how it can be made to work or how it might benefit countries not hosting such companies.
By the way there are no "Guernsey[i]s[/i]". Guernsey is just one island!
Who does make the largest profits now though? Is it manufacturing, or things like IT, money-trading and entertainments?
By the way there are no "Guernsey[i]s[/i]". Guernsey is just one island!
Who does make the largest profits now though? Is it manufacturing, or things like IT, money-trading and entertainments?
dancingtongue · 80-89, M
@ArishMell You're right -- it is the Crown's Channel Islands, of which Guernsey is the largest. Although I believe colloquially they are sometimes referred to as the Guernseys. You're also right about the devil is always in the details of implementation, which they countries have until 2023 to work out. Ireland and Hungary were the significant hold outs, but both have signed on now.
dancingtongue · 80-89, M
@ArishMell And the more relevant question is what industry requires and demands the most in the way of government-provided infrastructure and services which they should be helping pay for as the cost of doing business rather than who is making the biggest profits. Why should they get a free ride?
ArishMell · 70-79, M
@dancingtongue Obviously that will vary from nation to nation but I wasn't aware of any having a free ride as they do pay taxes, and their customers certainly do, which help sponsor the state-supported services.
Nevertheless many of the largest so-called "international" companies are certainly very adept at tax-avoidance.
To your earlier post, I don't know who calls the Channel Islands, about 70 miles across the sea from my home, "The Guernseys". I don't know if the islanders themselves do so but have never heard or read anyone in Britain calling them that. They do have something of a reputation as a tax-haven but I think more for private individuals than companies.
I suppose Ireland and Hungary thought if they levvied lower taxes they'd attract more investors, but what no-one seems to realise that so-called "inward investment" helps the investor's country, not the host!
Nevertheless many of the largest so-called "international" companies are certainly very adept at tax-avoidance.
To your earlier post, I don't know who calls the Channel Islands, about 70 miles across the sea from my home, "The Guernseys". I don't know if the islanders themselves do so but have never heard or read anyone in Britain calling them that. They do have something of a reputation as a tax-haven but I think more for private individuals than companies.
I suppose Ireland and Hungary thought if they levvied lower taxes they'd attract more investors, but what no-one seems to realise that so-called "inward investment" helps the investor's country, not the host!
dancingtongue · 80-89, M
@ArishMell Well, in Ireland it did generate the Celtic Tiger economy for a few years, bringing in much needed jobs at the time. But, as always, short-term benefit lead to long-term dependence and headaches. They finally agreed that 15% was a reasonable international floor they wouldn't be dipping below in the future. Hungary, I read, agreed when assured there would be a phase-in period.