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G7 taxation proposals vs zero-10


pongo
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2 hours ago, TheTeapot said:

A whole industry of small firms helping big ones to *not* make a profit will spring up.

If that were possible, they would already be doing so. In addition to internationally recognised accounting standards, there are long established anti-avoidance rules for preventing artificial manipulation of profits, notably requiring the arm's length principle for transactions with connected parties, restriction of head office expenses and restriction of 'excessive' interest expense. It would be very odd indeed if the new regime did not incorporate similar rules.

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1 hour ago, Derek Flint said:

Imagine a world where there was no tax advantage, where there was a global application of a fair and just system.

 

I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us.

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2 hours ago, Gladys said:

How many large multinationals are based here?  

AFAIK - this does not only impact large multinationals. That I think has always been a misunderstanding.

There are two strands to the G7 agreement AFAIK:

1. Concerns large corporations and where their profits are taxed.

2. Sets a minimum rate of corporation tax.

The second point certainly would affect the island. If my understanding of what has been agreed is correct. My understanding is that the minimum rate is exactly that.

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3 hours ago, Twitch said:

I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us.


Hope Tynwald members will ask Chief Minister Howard Quayle to elaborate on his viewpoint that 'the Island is well placed to adapt to these reforms' when neighbouring Ireland has withheld support for the proposals

Is it a perspective that might be reached as a retiring member of the House of Keys?

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4 hours ago, Twitch said:

I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us.

With spuds, an' what's left of the herrin'

With a fossil-fuelled TT in the face of a world of electrification

And some rather attractive sheep....

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12 minutes ago, Non-Believer said:

With spuds, an' what's left of the herrin'

With a fossil-fuelled TT in the face of a world of electrification

And some rather attractive sheep....

It's a fantastic place to be based. Especially for people who work remotely and enjoy the outdoors. And 15% will still be very much lower than most places.

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