Singapore cannot be tax haven anymore: U.S. Treasury's Yellen calls for global minimum corporate tax

uselessbum

Arch-Supremacy Member
Joined
Aug 20, 2009
Messages
15,275
Reaction score
34
Actually, the proposal is simply Democrats' wishful thinking and political positioning. If the global min tax is 1%, we will just lower our current tax rate by 1% to cover this increase.

If a "global min tax" did materialize, I don't think they would be that stupid to allow signatories(ie those who signed the agreement) to just suka suka change like that. It would likely come with many "safeguards"(eg no indirect methods such as extra tax reliefs to offset it) to prevent such circumventions.

For all of trump's supposed "destructive" trade practices, the dems aren't exactly showing themselves to be better with such a ham-fisted approach by trying to dictate the corporate tax rates of other countries.

:(
 
Last edited:

sunzoner

Arch-Supremacy Member
Joined
Feb 16, 2002
Messages
13,813
Reaction score
22
If a "global min tax" did materialize, I don't think they would be that stupid to allow signatories(ie those who signed the agreement) to just suka suka change like that. It would likely come with many "safeguards"(eg no indirect methods such as extra tax reliefs to offset it) to prevent such circumventions.

For all of trump's supposed "destructive" trade practices, the dems aren't exactly showing themselves to be better with such a ham-fisted approach by trying to dictate the corporate tax rates of other countries.

:(
There is no way to put in safeguard as we are talking about sovereign states here.

But since we are also talking about Singapore and its highly talented Scholar-Ministers, I wouldn't deny the possibility that we will guai-guai follow the rules while everyone else laugh at us.
 

sunzoner

Arch-Supremacy Member
Joined
Feb 16, 2002
Messages
13,813
Reaction score
22
They(US) start with G20 but they may have the intention of eventually getting as many countries on board as well. Their ultimate aim seems to be to remove this comparative advantage that other countries have over them. After all, it would be pointless to have only the G20 do so and end up letting all the other non g20 ones benefit heavily from it - their complaint is that businesses are leaving higher tax jurisdictions like thiers for lower ones . That's to say, get the other G20s to agree to it and use their combined clout to strongarm other countries to "comply" as well or risk economic blowbacks(eg harder for companies in other countries to do business with them etc) from them.

:(
But you cant solve the problem at one go. Otherwise how do you get the voters to vote for you again? The trick is to create more problems with your "solution" then offer more "solutions" to solve the problems caused. This creates a cycle of "values" and "solutions" that you offer your voters.
 

Pueh Kee

Supremacy Member
Joined
Jan 4, 2009
Messages
6,501
Reaction score
38
Americans are so barbaric. They wanted to raise their corporate tax to 28% to recoup their losses in covid-19, by all means. US cannot force the rest of the world to follow it to avoid their internal repercussion of companies moving out to countries with lower taxes, like Singapore...
But thats exactly what they want to do.
 

Why so serious

Arch-Supremacy Member
Joined
Dec 8, 2018
Messages
18,677
Reaction score
256
bridges will be burned first.

its not a compliment to be called a bridge. lols.
 

CI

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
14,629
Reaction score
48
Actually, the proposal is simply Democrats' wishful thinking and political positioning. If the global min tax is 1%, we will just lower our current tax rate by 1% to cover this increase.
In this case, I don't think we need to do even anything since the 1% applies everywhere???
 

sunzoner

Arch-Supremacy Member
Joined
Feb 16, 2002
Messages
13,813
Reaction score
22
In this case, I don't think we need to do even anything since the 1% applies everywhere???
We are called a low-tax jurisdiction for a reason. We put our tax rate low to attract corporation. If the global tax rate is 1%, we can always lower our tax rate by 1% so that overall tax rate do not increase.
 

soaresb

Senior Member
Joined
Feb 16, 2009
Messages
2,245
Reaction score
91
See whether they shut down their eu friends ireland - biden is very protective of ireland.
 

Prime 13

Arch-Supremacy Member
Joined
Feb 22, 2014
Messages
13,770
Reaction score
148
LOL!
Increase tax, but govt ish can gib them other goodies wor!
For lich elites, it ish govt take cheekon wing from them, but ish later gib them whole cheekon!
 

EJB

High Supremacy Member
Joined
May 24, 2001
Messages
36,582
Reaction score
63
Have faith in our scholars la

this kinda policy-level planning, if our so well paid scholars ministers don't know how to solve, then they really useless.
Policy-level stuff is their time to shine and show their worth.
While they are still riding on the policies created from yesteryear predecessors and just modifying it slightly along the way to no avail...? Expect them to be able to solve... I think that day won't come.
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top