G7 taxation proposals vs zero-10

[The Dog's Dangly Bits]

19 minutes ago, SleepyJoe said:

Nothing wrong with e-gaming so long as it's sustainable from a resource point of view - it has a massive future

It's e-gambling that's the moral issue, & we should do what we can to limit in-game betting to modest wagers

Problem gambling is a very very small percentage of the client base.  

The equivalent to what you are saying is that for food shopping we monitor and control what people buy and eat so they don't become addicted to food, fat and end up dead with heart disease.

[Max Power]

21 minutes ago, SleepyJoe said:

A green or sustainable digital economy is one that creates economic value without consuming exponentially more minerals, more energy, and other planetary resources

Sounds laudable, but is that achievable in a Manx context, or any context? We can provide services digitally, but so can anywhere. These services consume power, rare minerals and other unclean products to just make them work. The only advantage is cutting down on travel, as far as I can see? There are lots of lower cost jurisdictions worldwide that are already on this bandwagon.  

[Non-Believer]

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

It's absolutely pointless though.   What's the point?  You are not interested in understanding anything about the industry.

Not an answer, I am interested. There's also plenty of other people posting on here who are in CSP or associated industries who want to understand your point.

Given your slavish defence of e-gaming's presence to anybody who queries it, it must be your line of work so please explain why e-gaming is here for anything other than corporate tax mitigation purposes?

[Banker]

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

Problem gambling is a very very small percentage of the client base.  

The equivalent to what you are saying is that for food shopping we monitor and control what people buy and eat so they don't become addicted to food, fat and end up dead with heart disease.

Problem gambling is a big issue, why do you think fob machines in bookies were reduced to £2 from £200, credit cards banned from use on gambling sites, increasing demands for gambling advertising to be banned etc. Plenty of families lives been ruined by gambling addiction.

You haven’t got a clue what you’re talking about as usual 

[SleepyJoe]

27 minutes ago, Max Power said:

Sounds laudable, but is that achievable in a Manx context, or any context? We can provide services digitally, but so can anywhere. These services consume power, rare minerals and other unclean products to just make them work. The only advantage is cutting down on travel, as far as I can see? There are lots of lower cost jurisdictions worldwide that are already on this bandwagon.  

'Safe, green, digital Isle of Man at the very centre of the British Isles' is achievable & is adopted by some as an objective/vision for the future of the island. Even Mr Cannan was heard to mention it in parliament recently, tho' I'm not sure he himself sees it as the future of our economy - it'll be most interesting to see whether the KPMG report gives it significant attention

[pongo]

1 hour ago, SleepyJoe said:

So many words. So little content, that site. Coordinating, facilitating etc.

Word soup, grant money and sponsorships.

Edited June 5, 2021 by pongo

[Max Power]

40 minutes ago, pongo said:

So many words. So little content, that site. Coordinating, facilitating etc.

Word soup, grant money and sponsorships.

That's exactly my understanding, plenty of big words to convince our government that this is just the thing for them! 

[Boris Johnson]

1 hour ago, The Dog's Dangly Bits said:

Problem gambling is a very very small percentage of the client base.  

 

Really?

I have friends who work in e-gambling, management level, and they quite openly admit its the repeat gamblers where they make their money 

For repeat read problem.

Its a tax on the poor and stupid

Edited June 5, 2021 by Boris Johnson

[Banker]

Howard & Alf have spoken!

http://www.iomtoday.co.im/article.cfm?id=62213&headline=Island faces economic shake-up after G7 decision on corporate tax&sectionIs=news&searchyear=2021

[SleepyJoe]

G7 Communique - doesn't mention corporates

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

[pongo]

One potential danger is that a long period of uncertainty about where the road is going undermines investment and innovation. I don't only mean here. The international community needs to get this quickly sorted out.

This has always been inevitable.

On the other hand there is obviously huge potential here for new loopholes. Accountants are going to be busy.

I don't know, but perhaps there will be scope to reduce personal income tax if 15% becomes the baseline for companies. For people working as self employed contractors there is currently typically little tax advantage for being based here. But many lifestyle advantages. And as more and more people work remotely (including for companies abroad) perhaps that is an opportunity.

I cannot see this affecting people who work for clients anywhere on planet earth. But I could see it maybe being an issue for people who work for companies which are based here only for tax reasons.

Edited June 5, 2021 by pongo

[2112]

20 hours ago, AlanShimmin said:

Maybe this is the seismic shock that the IOMG Machine finally needs to tear it a new one. 

I think we have gone past the point of no return. Our politicos are merely nodding dogs or sheep following following following, then reacting reacting reacting or firefighting (especially when a large IOM brass plate company is up shit creek, and negative publicity about the island is mentioned) bad publicity. 
 

I think you will find our friends in the Channel Islands will have contingency plans. 
 

No doubt the resident MF IOMG lover and spin doctor Dogs Dangly will be on, a bit like Ashies rebuttal unit. 

[2112]

5 minutes ago, pongo said:

One potential danger is that a long period of uncertainty about where the road is going undermines investment and innovation. I don't only mean here. The international community needs to get this quickly sorted out.

This has always been inevitable.

On the other hand there is obviously huge potential here for new loopholes. Accountants are going to be busy.

I don't know, but perhaps there will be scope to reduce personal income tax if 15% becomes the baseline for companies. For people working as self employed contractors there is currently typically little tax advantage for being based here. But many lifestyle advantages. And as more and more people work remotely (including for companies abroad) perhaps that is an opportunity.

I cannot see this affecting people who work for clients anywhere on planet earth. But I could see it maybe being an issue for people who work for companies which are based here only for tax reasons.

This will affect many companies here, shops and limited companies. Remember Former Treasury Minister Eddie Teare hammered property developers etc by taxing their profits at 20%. More costs in taxation, this cost will be passed on to the consumer. With some companies who don’t pay corporate tax, it may be unviable if they have to pay additional taxes - cheaper to close down. 

[pongo]

15 minutes ago, 2112 said:

 point of no return ... nodding dogs or sheep .. firefighting .. shit creek

But have you anything constructive or useful to add beyond metaphorical clichés?

8 minutes ago, 2112 said:

This will affect many companies here, shops and limited companies. Remember Former Treasury Minister Eddie Teare hammered property developers etc by taxing their profits at 20%. More costs in taxation, this cost will be passed on to the consumer. With some companies who don’t pay corporate tax, it may be unviable if they have to pay additional taxes - cheaper to close down. 

I have the impression that you may not be understanding the scale and scope of the potential issues here.

From the IOM perspective, this is not about whether some little Ltd company pays a little more tax - or whether the consumer pays a little more for goods and services. The issue is whether the majority of consumers have a job.

Shops and small companies paying tax makes no difference to the IOM economic model. Shops and small companies only ended up paying zero tax because it was previously ruled that the earlier system was discriminatory. It is only relatively recently that genuinely local companies ended up paying zero tax.

Edited June 5, 2021 by pongo

[pongo]

If the IOM and Ireland are both on 15% then Ireland surely has the business advantage because it is in the EU.