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[Tax] I know its only a blog post, but its by the @IMFNews , and its really, really poor. Full of bait-and-switch tricks instead of serious analysis. IMF should do better!https://twitter.com/IMFNews/status/1152640578926125063 …
First bait and switch Tweet says Corporate tax revenue: how low can you go? "In life, two things are certain: death & taxes. Unless you are a large multinational corporation, in which case, maybe not. ".... and then chart of... falling corporate income tax RATES
Corporate income tax rates apply to all companies. NOT just large ones, NOT just multinationals. Are the amount they are paying falling precipitously? No, because its about the base and the rate (as the IMF knows) The general LT trend on corporate income tax revenues is risingpic.twitter.com/VY9GrgRbB9
Second bait-and-switch (this ones more of a non sequitur) [falling corporate tax rates] are a problem because the "ease with which multinationals seem able to avoid tax, combined with decline in corporate tax rates undermines both tax revenue & faith in fairness" (eh?)
Third bait-and-switch "The current situation is especially harmful to low-income countries" followed by "IMF analysis shows, for example, that non-OECD countries lose about $200 billion in revenue per year" non OECD countries =/= low income countries.
I'm not at all convinced by that IMF study https://www.cgdev.org/blog/how-big-transfer-pricing-prize-development … https://www.cgdev.org/blog/exaggerating-multinational-tax-avoidance-does-not-help-africa … . But even if you take their estimate at face value, the vast majority of the $s do NOT relate to low income countries.
IMF goes on to say " need a fundamental rethink of international taxation, interests & circumstances of developing countries need particular attention". Yes of course developing (inc LIC) countries have a stake in international tax reforms. But based on reality. Not hype
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