Money: A rare chance to fix the global corporate tax system - PressFrom - United Kingdom
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MoneyA rare chance to fix the global corporate tax system

16:45  11 july  2019
16:45  11 july  2019 Source:   msn.com

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There is an easy fix for corporate taxes , but it would takes some political courage, writes Bill Bischoff. Almost everyone agrees that our corporate tax system is a mess, and we are once again hearing various politicians propose various That is at the extreme high end of the global scale.

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A rare chance to fix the global corporate tax system © Provided by Financial Times Limited French President Emmanuel Macron delivers a speech at the UNESCO headquarters in Paris on July 5, 2019, during the G7 Development and Education Ministers Summit. - France is hosting the rotating presidency of the G7 in 2019. The 45th G7 Summit will be held in August 2019 in Biarritz. (Photo by Christophe PETIT TESSON / POOL / AFP)CHRISTOPHE PETIT TESSON/AFP/Getty Images

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

The G7 large economies have a unique opportunity to “fight inequality through regulated, fairer and more equitable globalisation”, as the French put it in January when they took the leadership of this group.

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Global cooperation is needed to reform the international corporation tax system in the aftermath of the Paradise Papers, panelists at a World Economic Forum “The problem is it’s trying to fix a broken system by the guys who are making a profit out of the broken system ,” he said. He said the Panama

The global average corporate tax rate is 24.03%. Venezuela has a high corporate tax rate at 34% in 2018 but the country is in an economic crisis, with the International Monetary Fund predicting that Venezuela's inflation rate could hit one million percent in 2018.

When the finance ministers gather in Chantilly next week, they must press for an overhaul of the international tax system finally to make multinational companies pay their fair share and give governments more financial resources.

In 2013, the OECD group of wealthy nations initiated a series of tax reforms, including improved exchange of information among tax authorities. But that is not enough. Multinationals continue to move profits among their subsidiaries to minimise tax. For example, companies require subsidiaries in high-tax jurisdictions to license intellectual property rights from units located in places where little (or no) taxes are paid. The trick is even easier for digital companies and digital transactions. Economist Gabriel Zucman estimates that 40 per cent of overseas profits made by multinationals are artificially transferred to tax havens.

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Rising public anger, stoked by austerity programmes, has pushed governments to reconsider. Those powerful enough to challenge the world order, such as India, have given the international community an ultimatum: if the international tax system is not reformed, they will change their laws unilaterally. That outcome would be a nightmare for multinationals. While they prefer the status quo, nothing would be worse than having to juggle dozens of national tax systems.

That gives urgency to the new proposal from the OECD Inclusive Framework — a body of 129 member states — to allow countries to estimate the taxes due from multinationals based not only on their local business but also on their worldwide profit margins. This would, for the first time, treat such companies as what they really are: integrated businesses making profits in a global marketplace.

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Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations . Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts

Revising the tax system has been a political minefield because invariably the changes would create winners and losers. Now, through a combination of compromise, political shifts and economic reality, a broad consensus has been reached. "I didn't think it was going to get done," Tim Paulson, executive

The Independent Commission for the Reform of International Corporate Taxation, which I chair, recommends a global formula that would ensure that multinationals’ profits — and the associated taxes — are apportioned among countries based on objective factors such as sales, employment, resources and digital users. A group of developing countries led by India, Colombia and Ghana is calling for a similar method. We are the only ones proposing to use workforce as a factor and that would favour developing countries, which host a large share of multinationals’ employees.

A rare chance to fix the global corporate tax system © Catalyst Images French President Emmanuel Macron delivers a speech at the UNESCO'S headquarter during the Education and development G7 ministers Summit, in Paris, France July 5, 2019. Christophe Petit Tesson/Pool via REUTERS

The commission also supports a proposal for a minimum corporate tax, put forward by Germany and France. Any multinational booking its profits in a tax haven could be taxed in its home country to bring its total tax up to this minimum global rate . That would put a brake on the race to the bottom. Countries that sign up to the global minimum tax would give up the right to offer tax incentives. But it could deliver revenue to developing countries, which are more dependent on corporate taxes; they make up 15 per cent of total tax revenues in Africa and Latin America, against 9 per cent in OECD countries.

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The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have This paper will look at a middle option: it will examine how to fix the corporate income tax by addressing each of the concerns through a series of

Large corporations and wealthy elites exploit the rigged international tax system to avoid paying their fair share of taxes . This practice has a relatively greater impact on developing countries Instead, the current global system of tax avoidance redistributes wealth upwards to the richest in society.

An endorsement by the G7 finance ministers would be a step towards a broader OECD deal by 2020. The minimum tax proposal would clearly also benefit richer countries that are home to multinationals. Developing economies should insist that the arrangement include a meaningful reallocation of the way multinationals’ profits — and associated taxes — are split in the first place.

This reform is no longer a mere technical discussion, it is political. The 129 countries already on board understand that we must find a consensus. Inequalities within and between countries must be addressed. This is a once-in-a-lifetime opportunity. Governments have no right to waste it.

The writer, a board member of Colombia’s central bank and a Columbia University professor, chairs ICRICT

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