Didn’t Rishi try and get the EU to impose a 15% minimum global corporate tax rate for companies? How has that gone with Ireland dragging it’s feet on that? I can’t see this proposal going anywhere.
Didn’t Rishi try and get the EU to impose a 15% minimum global corporate tax rate for companies? How has that gone with Ireland dragging it’s feet on that? I can’t see this proposal going anywhere.
This is the best summary I could come up with:
The report by EU Tax Observatory, part of the Paris School of Economics, examined how successful efforts to ensure individuals and companies pay their fair share have been over the past 10 years.
Quentin Parrinello, a senior policy adviser at the EU Tax Observatory, told the BBC that global billionaires “structure their wealth so it does not generate a lot of taxable income”.
While the report commended an agreement in 2021 between 140 different countries to make sure companies pay at least 15% in corporation tax, it said that the plan had been “dramatically weakened” since then by a “growing list of loopholes”.
Joseph Stiglitz, the Nobel Prize-winning American economist, suggested in an introduction to the report that unfairness in taxation poses a risk to democracy.
This glaring tax disparity undermines the proper functioning of our democracy; it deepens inequality, weakens trust in our institutions, and erodes the social contract."
Mr Stiglitz said that addressing tax fairness and collecting revenues was “critical” for society, “as countries around the world face the challenges of climate change, pandemics and inequality, and as governments have to make essential investments in education, health, infrastructure and technology”.
The original article contains 692 words, the summary contains 192 words. Saved 72%. I’m a bot and I’m open source!