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

uselessbum

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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.

:(
 
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sunzoner

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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

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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

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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.
 

CI

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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

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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

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See whether they shut down their eu friends ireland - biden is very protective of ireland.
 

Prime 13

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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

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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.
 
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