So how does this financial transaction tax on derivatives work?
Saying "it is only based on one data source" makes it sound like a point about data quality. But the salient thing about the Cobham, Faccio & Fitzgerald study which is being skated over here is it is only based on redistributing the profits of US MNEspic.twitter.com/goZ76wjp4M
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The 'IMF model' being tested is that routine profits are taxed in relation to where capital assets are, and residual profits are taxed by a formula of sales & employment.pic.twitter.com/saEVE0Nd7q
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But these are policies for the UK. Sadly the rest of the world's out of this doc's orbit for the moment! Isn't the manifesto something to celebrate & encourage? Specific ideas to make tax more fair. Of course they're not perfectly refined: 33 policies in 13 pages. But overall?
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Also the 8bn from "taxing the offshore structures used by tech giant firms" https://www.taxwatchuk.org/taxing_uk_tech_royalties/ … is biting the same cherry. You cannot add these together!
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How any of this reconciles with the principle of citizenship based taxes or strengthening taxation of controlled foreign companies I don't know.pic.twitter.com/rZobjQiKRn
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