Deal Reached On Global Minimum Corporate Tax Rate Of At Least 15%

[troubled soul]

So brics will make their own economy
Maybe Rusia and China are powerful enough. The others highly doubt: Brazil India and south Africa

20.34 trillion U.S. dollars are combine GDP of them and They are still growing with 41.53% of the world population.

“The Group of Seven has become increasingly irrelevant in a world of new emerging powers,”

by Jim O’Neill (Former Goldman Sachs Chairman)

Why the G7 is a zero

Jim O’Neill: Why the G7 is a zero

The G7 is still serving little other purpose than to keep its member states’ civil servants busy

www.fnlondon.com

 

[Martin Everson]

Will be good to see this group stand up to G7 nations. They have the right to do so. But unfortunately the global financial system is largely a western controlled construct. It would be a game changer however on the international stage if they can reject the G7 plans .

 

[Golden Fleece]

I really support china on this "China says small groups do not rule the world"

But a small group of psychopathic families, children of the murdering revolutionaries, certainly rule China:

Bloomberg reported Dec. 26 on the fortunes of 103 descendants of the revolutionaries revered in China as the “Eight Immortals,” who backed Deng two years after Mao’s death. Three of the descendants headed or still head state-owned companies with combined assets of about $1.6 trillion in 2011, or about a fifth of China’s national output. Twenty-six ran or held top positions in state-owned companies; 43 ran their own businesses or became executives in private firms.

https://www.washingtonpost.com/opinions/the-children-of-chinas-revolutionaries-grab-a-ticket-to-wealth/2013/01/03/91b60d7c-506d-11e2-839d-d54cc6e49b63_story.html

 

[troubled soul]

But a small group of psychopathic families, children of the murdering revolutionaries, certainly rule China:

https://www.washingtonpost.com/opinions/the-children-of-chinas-revolutionaries-grab-a-ticket-to-wealth/2013/01/03/91b60d7c-506d-11e2-839d-d54cc6e49b63_story.html

What can I say,
It is chaotic and complex world

 

[troubled soul]

Will China become the centre of the world economy?​

 

[jjrapy]

G20 greenlights global corporate tax rate of at least 15%

Finance Ministers meet central bankers at the G20 in Venice with a view to stopping multinational companies from shifting profits into low-tax havens.

www.euronews.com

 

[JackAlabama]

But a small group of psychopathic families, children of the murdering revolutionaries, certainly rule China:

https://www.washingtonpost.com/opinions/the-children-of-chinas-revolutionaries-grab-a-ticket-to-wealth/2013/01/03/91b60d7c-506d-11e2-839d-d54cc6e49b63_story.html

Deng actually moved away from Maos policies and wanted to have more of Hong Kongs system, which they also knew is superior than the state controlled communistic one.
Also in China the "mandate of heaven" 天命 is paramount of legitimizing a certain rule.

Mandate of Heaven - Wikipedia

en.wikipedia.org

It is well and alive today too and interesting to see its implications going forward in Chinas very complex and fascinating history.

 

[freegeek]

You raise a good point. Eventually when everyone is paying the same personal and corporate tax rate the factors that will make one choose one country over another will be quality of life. One will go where there is good weather, low crime, cheap lifestyle, good affordable healthcare, low corruption, good infrastructure and lots of amenities. It will be interesting to see which countries would prosper in such a situation.

mostly the current first world countries because they already have this setup albeit paid by high taxes. People accept living in shitholes because of tax reasons. There is a reason why millions are trying to get into the EU, because in general it's a good place to live.

 

[BlueMist]

mostly the current first world countries because they already have this setup albeit paid by high taxes. People accept living in shitholes because of tax reasons. There is a reason why millions are trying to get into the EU, because in general it's a good place to live.

These reasons are: Africans, Arabs, Asians, with some exceptions of course. They see EU as a place of equality, where they will get FREE healthcare, pension and state education for their kids. I don't think millions of Canadians, Americans, Australians etc. are trying get into EU.

 

[freegeek]

These reasons are: Africans, Arabs, Asians, with some exceptions of course. They see EU as a place of equality, where they will get FREE healthcare, pension and state education for their kids. I don't think millions of Canadians, Americans, Australians etc. are trying get into EU.

i was obviously not talking about Canadians, Americans. In general millions are trying to get into first world countries be it EU, USA, Australia because quality of life.

 

[ih8socialism]

In case UAE imposes the 15% do you guys think this would also affect companies owned by locals?

 

[Martin Everson]

The devil is in the details of the text when released. Might be allowances made for smaller companies or it only applies to companies doing majority cross border business.

Imho it would be an infringement on sovereignty to have it apply to local businesses doing majority local business .

 

[troubled soul]

Global Deal to End Tax Havens Moves Ahead as Nations Back 15% Rate

More than 130 countries agreed to set a minimum tax rate of 15 percent as governments look to end a race to the bottom on corporate taxation.

www.nytimes.com

• Kenya, Nigeria, Pakistan and Sri Lanka did not sign on to the agreement.
• New minimum tax rate would apply to companies with annual revenue of more than 750 million euros ($866 million)+

 

[Martin Everson]

Ok so seems it will affect tax wise very large companies only.

 

[Fred]

Ok so seems it will affect tax wise very large companies only.

Because of this UAE was signing within a blink of an eye.

It targets Amazon, Google etc.

And surprise surprise -- Ireland didn't signed

 

[Martin Everson]

And surprise surprise -- Ireland didn't signed

I thought Ireland agreed to sign?

Ireland agrees to sign global tax minimum deal, caving to pressure

Ireland has agreed to join a groundbreaking international agreement for a global minimum tax rate on corporations around the world, sacrificing its prized low-tax policy that has attracted major multinationals including Apple, Facebook and Google.

www.foxbusiness.com

 

[Fred]

I thought Ireland agreed to sign?

Ireland agrees to sign global tax minimum deal, caving to pressure

Ireland has agreed to join a groundbreaking international agreement for a global minimum tax rate on corporations around the world, sacrificing its prized low-tax policy that has attracted major multinationals including Apple, Facebook and Google.

www.foxbusiness.com

Thanks for the update - in the initial decisions they refused to sign - seems the EU pressure was big.