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That was the EU 2011 proposal, which was dropped ‘cause notional value is essentially meaningless economically. This report looks at market value, which has the slight disadvantage of being zero day one. It’s a bit odd.
Also the 6bn from unitary taxation is based on extrapolation from what UK might gain if taxable profits on US MNEs were distributed by formula, but does not seem to take into account what the UK would lose if profits of UK MNEs were similarly distributed to other countriespic.twitter.com/VOwUyiNu24
Is that right?
So the 6bn figure comes from the PSI report https://pop-umbrella.s3.amazonaws.com/uploads/9dacd52a-6987-4dcb-a90c-4a1146f4a342_Taxing%20Multinationals.pdf … which references "another study" - which when you follow the footnote is Cobham, Faccio and Fitzgerald 2019 https://osf.io/preprints/socarxiv/j3p48/ … ....pic.twitter.com/dfRezkgKRJ
Or the double taxation consequences if every country picks its own heads-we-win-tails-you-lose formula. Interestingly the IMF study finds the UK loses if using ORBIS data (i.e. mainly non US MNEs) and even when looking at the IRS published CBC datapic.twitter.com/KrqCqIXM4H
Taxing profits where they're earned using a "two factor formula". That's magic!
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end tax inequality
curb tax avoidance
improve administration
This could raise £69bn for public services.
