G7 taxation proposals vs zero-10

[AlanShimmin]

12 minutes ago, Gladys said:

A lot. 

Not that I relish it or gloat, but this is a pretty fundamental shift.

I don't want anything bad to happen. But the proverbial wolf is at the door for zero-10. We have had years to do something about this but haven't done a thing. 

It's not Sleepy Joe Biden to blame for this but previous Manx administrations who just kicked the can down the road. 

Although to be fair we may do OK, the tories and their ilk will always need somewhere to hide their ill gotten gains. 

[Amadeus]

2 minutes ago, AlanShimmin said:

the tories and their ilk will always need somewhere to hide their ill gotten gains. 

They've got the City of London for that. 

[Non-Believer]

3 hours ago, AlanShimmin said:

It's not Sleepy Joe Biden to blame for this but previous Manx administrations who just kicked the can down the road.

And Sleepy Joe has actually back-pedalled on the US original proposal of 20%, down to 15% "starting point" proposed by the remainder of the G7.

[The Dog's Dangly Bits]

6 hours ago, Gladys said:

A lot. 

Not that I relish it or gloat, but this is a pretty fundamental shift.

Is it a lot though really? The biggest impacted sector would be CSPs.

Many of which have moved away from purely tax driven structures.

[Banker]

There’s still a way to go before it’s the end of 0/10 as we don’t know what countries like Ireland, Cayman Islands, Luxembourg are going to do

[Gladys]

23 minutes ago, The Dog's Dangly Bits said:

Is it a lot though really? The biggest impacted sector would be CSPs.

Many of which have moved away from purely tax driven structures.

What other drivers are there? 

[The Dog's Dangly Bits]

3 minutes ago, Gladys said:

What other drivers are there? 

There is a lot of structuring being done more because expertise sits here and privacy is important.

A lot of tax driven stuff has been reduced.  The UK for example has rendered tax based structure for property redundant.  But it hasn't stopped people continuing to use the island for structures.

EGaming is now quite big business for certain CSPs.  Again, little of it is massively tax driven.

[Andy Onchan]

10 hours ago, NoTail said:

Good questions, I suspect the tax haven stuff is mostly long gone. The remaining bits are not important.

 

We seem to be attracting people with large amounts of capital to live here, like in late 60s early 70s. Maybe that is our future source of wealth. 

The next elephant in the room is egaming. The next target. Once the nail has been hammered down on that particular coffin then the population will dwindle, economy stagnation and UK bailouts.

We've managed to balls up our biggest asset, the Island itself and tourism. Along with lazy agricultural policies of rewarding farmers not to produce food.

The so-called diversification process has failed.

[The Dog's Dangly Bits]

5 minutes ago, Andy Onchan said:

The next elephant in the room is egaming. The next target. Once the nail has been hammered down on that particular coffin then the population will dwindle, economy stagnation and UK bailouts.

We've managed to balls up our biggest asset, the Island itself and tourism. Along with lazy agricultural policies of rewarding farmers not to produce food.

The so-called diversification process has failed.

What makes you think eGaming isn't here to stay?

[Andy Onchan]

6 hours ago, Non-Believer said:

And Sleepy Joe has actually back-pedalled on the US original proposal of 20%, down to 15% "starting point" proposed by the remainder of the G7.

Why not 17.5% or 19%. They seem to be plucking numbers out of the air. I've yet to read or hear anything about how 'they' arrived at 15%. As you say, it was 20% now it's 15%. What the actual feck is all that about?

I'm afraid I can't be take these people seriously, at all.

 

[Andy Onchan]

Just now, The Dog's Dangly Bits said:

What makes you think eGaming isn't here to stay?

It's immoral, same category as allowing profit shifting.

[pongo]

It's a fantastic place to be based if you work remotely. Much of the UK has awful rural broadband by comparison. A fabulous outdoor lifestyle. Great food these days. And no need to lock the house when you go on holiday.

5 minutes ago, Andy Onchan said:

It's immoral, same category as allowing profit shifting.

The tax thing isn't directly about morality. It's about how much government revenue is lost. Ultimately perhaps that kind of might be about morality (schools and hospitalls etc) - but morality is not the driver.

Edited June 5, 2021 by pongo

[Andy Onchan]

10 minutes ago, pongo said:

It's a fantastic place to be based if you work remotely. Much of the UK has awful rural broadband by comparison. A fabulous outdoor lifestyle. Great food these days. And no need to lock the house when you go on holiday.

The tax thing isn't directly about morality. It's about how much government revenue is lost. Ultimately perhaps that kind of might be about morality (schools and hospitalls etc) - but morality is not the driver.

It depends on which of the fence you're sitting.

Of course the easiest answer is for governments to cut their own costs. But the electorate always looks for the government to do more in their name but not pay for it. 

[pongo]

8 minutes ago, Andy Onchan said:

It depends on which of the fence you're sitting.

Of course the easiest answer is for governments to cut their own costs. But the electorate always looks for the government to do more in their name but not pay for it. 

How much governments spend is a different argument. Revenue lost arguably means asking tax payers for more. That will potentially chime with both sides of your fence.

The G7 thing might be economically simplistic and even colonial but it looks like a difficult argument to fight.

[finlo]

52 minutes ago, The Dog's Dangly Bits said:

What makes you think eGaming isn't here to stay?

One day they'll be gone in the blink of an eye as soon as they get a better offer.

Edited June 5, 2021 by finlo