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Offshore havens may be stung by global tax deal: Moody’s

Find out how China Offshore can introduce you to new intermediaries for your project or services.         Global minimum tax could hurt low-tax emerging markets   By: James Langton     The recent agreement to set a global minimum corporate tax rate of 15% will reduce the appeal of shifting operations to certain low-tax jurisdictions for multinational corporations, says Moody’s Investors Service.   This, in turn, may hurt countries that have used low tax rates to lure business.   “If successfully implemented, the global minimum corporate tax rate will be mildly credited negative for sovereigns that have used tax policy as a...
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Developing countries need transfer pricing rule simplifications, OECD advises G20

Find out how China Offshore can introduce you to new intermediaries for your project or services.             By Doug Connolly, MNE Tax   The OECD highlights the importance for developing countries of streamlining complex transfer pricing rules and facilitating access to country-by-country reports in October 13 recommendations to the G20 finance ministers. The transfer pricing recommendations are part of a broader report addressing how global tax rules could be better tailored to meet the needs of developing countries.   In the report, the OECD includes among its “highest priority” recommendations a need to address how country-by-country reporting could be made...
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The G7 agreement on a global minimum tax will further squeeze the Caribbean

  Find out how China Offshore can introduce you to new intermediaries for your project or services.       By Bruce Zagaris   As the G7 meetings concluded in Cornwall, England, one outcome was an agreement on a global minimum tax. This initiative will further squeeze the Caribbean just as it is struggling to recover from the harm the COVID-19 pandemic wreaked on tourism, the region’s main economic sector.   May 20, 2021, represented somewhat of a turning point in this regard. The United States Department of the Treasury proposed a 15 percent rate as a starting point for the Organization of Economic...
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G7 finance ministers agree on 15% minimum tax to crack down on corporate tax dodging

    Find out how China Offshore can introduce you to new intermediaries for your project or services.       By Hamish Boland-Rudder   The deal has been praised as a historic step in ending the ‘race-to-the-bottom between tax havens but will need international backing to move forward.   A group of the world’s most economically advanced nations has agreed on landmark new reforms to crack down on cross-border tax avoidance that would force multinational corporations like Google and Apple to pay taxes in the countries where they operate, rather than in tax havens where they choose to shift their profits....
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The good and bad of Janet Yellen’s global taxation proposals

Find out how China Offshore can introduce you to new intermediaries for your project or services.         By TOM CAMPBELL    On April 5, Treasury Secretary Janet Yellin proposed that the world’s large economies should all agree that business taxes should not go below a certain level.   Otherwise, she said, the “30-year race to the bottom” would continue. Yellin also called for a consensus on how countries would divide up the right to tax companies that do business across many countries’ borders.   The Yellin initiative has a third component as well—to eliminate the more egregious tax haven...
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Mills administration opposes bill to close $52m corporate tax havens loophole

      Find out how China Offshore can introduce you to new intermediaries for your project or services.       By Dan Neumann   An official from the administration of Democratic Gov. Janet Mills joined Maine’s largest business lobby to testify against a proposal that would close loopholes allowing corporations to stash profits in offshore tax havens.    “An Act To Prevent Tax Haven Abuse,” introduced on Thursday by state Rep. Denise Tepler (D-Topsham) to the legislature’s Taxation Committee, would require multinational corporations with sales in Maine to claim U.S.-based profits when they file their Maine taxes, rather than try...