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re: Biden, Johnson commit to a 15% global minimum tax amid talks of exemptions for China!
Posted on 6/10/21 at 2:10 pm to Jorts R Us
Posted on 6/10/21 at 2:10 pm to Jorts R Us
quote:
reland says hi. And you're wrong about there being no advantage. Ireland vultures profits from other countries by promoting base erosion and profit shifting mechanisms and that's how 50% of Ireland's tax revenue is generated by American multinationals.
Yeah man, I get it. That's now. After the minimum tax is in place there will be no advantage.
1
Posted on 6/10/21 at 2:13 pm to Penrod
quote:
Yeah man, I get it. That's now. After the minimum tax is in place there will be no advantage.
a) Ireland doesn't have to agree although they've caved to EU pressure in the past.
B) Even if they raise their rate to 15%, they have loose intangible rules which basically allow companies to park their intellectual property there and suck up profits from the actual markets where they are generated via lease payments. These vultured profits are then subjected to very little Irish tax because of generous capital allowances against intangibles. Ireland doesn't give a frick that they aren't maximizing tax revenue because they generate it by soaking up profits from other countries.
This minimum tax thing will only be effective if they look through statutory rates and discount benefits from mechanisms like notional interest deductions and capital cost allowances for intangibles.
This post was edited on 6/10/21 at 2:32 pm
Posted on 6/10/21 at 2:19 pm to Jorts R Us
quote:
Ireland, the Caribbean, and Cyprus. That's who this is targeting.
You start an export business in Belize (to Jorts point, Belize considers itself a part of the Caribbean, they are in Caricom the trading block) they will give you a break on all operating income, zero taxes for 15 years, and the following 10 years no taxes on equity taken out of the business.
That is a heck of a deal. Now it is a wee bit violent, the workforce is more like the layaround force, and you may have to put your goods on a pirogue to get it out in deepwater to meet the container ship, but hey, a deal is a deal.
Posted on 6/10/21 at 2:23 pm to trinidadtiger
Yep. Or take advantage of Costa Rica's free trade zone regime and generate some back office service revenue at a 0% rate coupled with tax deductions in the US where the rate is 21%.
Posted on 6/10/21 at 5:06 pm to BlackAdam
quote:
15% of what? Revenue? Profit?
Profit. As it currently is.
quote:
What standards do they use to determine what revenue and profit actually are? Are we talking American standards or European.
Every nation has its own tax code. Same as it currently is.
quote:
Does the company get to pick? Where does the entity have to pay? Who determines that?
Jurisdiction will generally still follow existing rules, although my understanding is that they are looking at giving more taxing jurisdiction to countries where the sales are taking place as a way to curb the trend of enacting taxes on digital sales.
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