G7 taxation proposals vs zero-10

[pongo]

3 minutes ago, Andy Onchan said:

I'd say 2030 before anything is agreed, if at all.

A decade of uncertainty is a potential disaster for investment.

[Derek Flint]

3 minutes ago, John Wright said:

The problem is that until we know exactly what the rest of the world legislates it’s hard to respond. As ever the devil will be in the detail both in effect and response.

I’d be looking for candidates promoting some belt tightening and austerity in the forthcoming election...

[pongo]

11 minutes ago, Derek Flint said:

I’d be looking for candidates promoting some belt tightening and austerity in the forthcoming election...

That's typically populist. But it doesn't address any of the issues related to the G7 proposals. Those issues relate to: A/ the ease with which people choosing to live and work here can do business with service providers elsewhere. B/ incentives for employers to chose to be based here.

[Banker]

4 hours ago, The Dog's Dangly Bits said:

That's not how it is working in reality.

Problem gamblers are still losing their weeks pay. Just takes them slightly longer.

Also, the actual reason the bookies made a huge fuss over it wasn't so much about the impact on profits.  It was more about putting up a fight because the real concern would be online.  It shouldn't have escaped.your attention thay whilst you can't wax more than 2 quid a spin in a shop you can wax what you like per spin online.

As always, the legislation itself won't suddenly rid the world of problem gamblers.   Addicts will be addicts.  And the low level average addict punter is paid a few hundred quid a week and rarely staking more then 2 quid a spin.  

Absolute rubbish , the legislation has helped a lot at the lower level as not so much temptation when people place bets in bookies. Strange how you ignore links & published information to spread your misinformation constantly 

[Roger Mexico]

28 minutes ago, Derek Flint said:

I’d be looking for candidates promoting some belt tightening and austerity in the forthcoming election...

Police pensions must surely be the place to start. 

[pongo]

7 minutes ago, Roger Mexico said:

Police pensions must surely be the place to start. 

Looks like one of your brake lights isn't working

Type of thing.

[The Old Git]

I’ll admit to not really knowing much about this, apart from my own personal tax, but a bloke replying to Gary Burgess (Jersey / ITV news reporter) on Twitter says this (screenshot this time, not linking to Twitter again). Any substance?

 

 

[John Wright]

5 minutes ago, The Old Git said:

I’ll admit to not really knowing much about this, apart from my own personal tax, but a bloke replying to Gary Burgess (Jersey / ITV news reporter) on Twitter says this (screenshot this time, not linking to Twitter again). Any substance?

 

 

It’s one way of making it work. Tax payable on overseas income/profit is normally set off against tax in your country of residence. It’s neutral on your total liability. But if you pay 12.5% in Ireland and your home rate is 15% then you pay the extra 2.5% at home.

However people and companies move profits by selective internal charging, or they may not remit profits. So you still need anti avoidance. And of course Ireland isn’t only attractive because of 12.5%, it’s got a highly educated workforce, English speaking, European time zone, high quality of living index.

I’m not sure it’ll make much difference at the end of the day. It’s another of these “something must be done” memes. And they need to  be seen to do “something”.

[Derek Flint]

1 hour ago, pongo said:

That's typically populist. But it doesn't address any of the issues related to the G7 proposals. Those issues relate to: A/ the ease with which people choosing to live and work here can do business with service providers elsewhere. B/ incentives for employers to chose to be based here.

Pre emptive in case it really does go west.

1 hour ago, Roxanne said:

Not only police pension for end of service but also the amount of 'rehabilitation' pensions added to the end of service. There are loads who have left early under secret cover for 'medical' reason who receive both - forever - with no check ups and the check-ups that there are (by a doctor) rarely, in my knowledge, lead to the additional rehabilitation pensions being withdrawn.  The now retired doctor who did the examinations told me that in the main, it was 'shut up' money. It's a tidy sum paid from forty (or under) until their dying day.

 

If that was Indeed genuinely the case, my primary concern would be the values and leadership in an organisation that would generate the need to 'shut People up'.

[pongo]

7 minutes ago, Derek Flint said:

Pre emptive in case it really does go west.

But it doesn't address any of the potential core issues.

[Banker]

3 minutes ago, pongo said:

But it doesn't address any of the potential core issues.

Which are ?

[Gladys]

14 minutes ago, Banker said:

Which are ?

Replacing the income that sector generates. 

[Yibble]

1 hour ago, The Old Git said:

I’ll admit to not really knowing much about this, apart from my own personal tax, but a bloke replying to Gary Burgess (Jersey / ITV news reporter) on Twitter says this (screenshot this time, not linking to Twitter again). Any substance?

 

 

The UK Treasury Statement makes it pretty clear that the 15% minimum will apply on a country-by-country basis, rather than being a global effective rate. 

"As part of landmark deal, finance ministers also agree to the principle of a global minimum rate that ensures multinationals pay tax of at least 15% in each country they operate;"

"Under Pillar Two, the G7 also agreed to the principle of at least 15% global minimum corporation tax operated on a country by country basis"

https://www.gov.uk/government/news/g7-finance-ministers-agree-historic-global-tax-agreement
 

Edited June 6, 2021 by Yibble

[Yibble]

And from the G7 Finance Ministers and Central Bank Governors Communiqué:

"16.We strongly support the efforts underway through the G20/OECD Inclusive Framework to address the tax challenges arising from globalisation and the digitalisation of the economy and to adopt a global minimum tax. We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises. We will provide for appropriate coordination between the application of the new international tax rules and the removal of all Digital Services Taxes, and other relevant similar measures, on all companies. We also commit to a global minimum tax of at least 15% on a country by country basis. We agree on the importance of progressing agreement in parallel on both Pillars and look forward to reaching an agreement at the July meeting of G20 Finance Ministers and Central Bank Governors."

 

https://www.gov.uk/government/publications/g7-finance-ministers-meeting-june-2021-communique/g7-finance-ministers-and-central-bank-governors-communique

[pongo]

33 minutes ago, Banker said:

Which are ?

 

19 minutes ago, Gladys said:

Replacing the income that sector generates. 

 

2 hours ago, pongo said:

A/ the ease with which people choosing to live and work here can do business with service providers elsewhere. B/ incentives for employers to chose to be based here.

+ The potential that a long period of uncertainty around the eventual outcome undermines inward investment.