The FT has just reported that:
As expected, the G7 also agreed [today] on the principle of a global minimum corporate tax rate to ensure that big multinationals did not divert their profits to tax havens or low-tax jurisdictions and deprive countries where they do their business of much-needed tax revenues.
This does not mean it will happen, but it's a big step forward. I wrote on this issue in 2016 when it was still very unusual to do so.
In fact, I first wrote about it in 2007 when tax justice campaigners begged me not to publish it, and I did not. It was just too radical, even for them, at the time.
The times, they are a-changin'.
Not going to happen. This is a plan to create a plan to do a plan. It is one thing to ally behind the U.S. on stopping tax evasion but tax avoidance is another thing entirely. The global tax system will change in its entirety before countries agree to this. The TJN – and yourself – have had a good ride championing ‘tax justice’ when what is really happening is the underlying policy of the U.S. has been, and continues to be, to stop tax evasion. Tax avoidance – and I know it is a grey area in its definition – is something else though. Ironically, if this were to happen, the TJN and the offshore tax havens would both have a common cause: to ensure that the global minimum corporation tax rate is as high as possible!!!
The whole point of this s to tackle tax avoidance
And it has been agreed
As for the stated tax justice aim, would you like to find the evidence?
Progress.
Big multinationals exposed as tax-dodgers being questioned by some powerful countries, themselves bowing under pressure from campaigners, rather than pressure from those multinationals’ lobbies.
It only took 12 years…never despair. Well done to all of you who campaigned for this step forward.
OT but in relation to auditors possibly being forced to enter a newly created tenth circle of Hell for their ten year plus record of incompetence………
https://www.accountingweb.co.uk/community/blogs/philip-fisher/is-grant-thornton-fit-to-audit-ftse-companies
It’s a pity that BNA Bloomberg appear to have removed your 2016 article for them, referred and to in your 2016 blog post.
I just realised that
Not sure why….
This seems to me to be a tacit acceptance of the threat posed by corporate money to democracy but I welcome it whatever the drivers.