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Global Minimum Corporate Tax Rate
The global minimum corporate tax rate, or simply the global minimum tax (abbreviated GMCT or GMCTR), is a minimum rate of tax on corporate income internationally agreed upon and accepted by individual jurisdictions. Each country would be eligible to a share of revenue generated by the tax. The aim is to reduce tax competition between countries and discourage multinational corporations (MNC) from profit shifting to achieve tax avoidance. Global minimum tax 2023 On 8 October 2021, 136 countries agreed to a plan of Organisation for Economic Co-operation and Development (OECD) to implement 15% global minimum tax rate, starting in 2023. 4 countries are yet to sign up (Kenya, Nigeria, Pakistan, and Sri Lanka). A two-pillar solution has been implemented by the OECD to address issues connected to digitalization of the economy. Consenting governments are currently discussing implementation plans and turning the agreement into law. For example, the European Union is on its way to devel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Corporate Tax Rate Participation
In mathematical analysis, the maxima and minima (the respective plurals of maximum and minimum) of a function, known collectively as extrema (the plural of extremum), are the largest and smallest value of the function, either within a given range (the ''local'' or ''relative'' extrema), or on the entire domain (the ''global'' or ''absolute'' extrema). Pierre de Fermat was one of the first mathematicians to propose a general technique, adequality, for finding the maxima and minima of functions. As defined in set theory, the maximum and minimum of a set are the greatest and least elements in the set, respectively. Unbounded infinite sets, such as the set of real numbers, have no minimum or maximum. Definition A real-valued function ''f'' defined on a domain ''X'' has a global (or absolute) maximum point at ''x''∗, if for all ''x'' in ''X''. Similarly, the function has a global (or absolute) minimum point at ''x''∗, if for all ''x'' in ''X''. The value of the function at a m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Olaf Scholz
Olaf Scholz (; born ) is a German politician who has served as the chancellor of Germany since 8 December 2021. A member of the Social Democratic Party of Germany, Social Democratic Party (SPD), he previously served as Vice Chancellor of Germany, Vice Chancellor under Angela Merkel and as Federal Ministry of Finance (Germany), Federal Minister of Finance from 2018 to 2021. He was also List of mayors of Hamburg, First Mayor of Hamburg from 2011 to 2018 and deputy leader of the SPD from 2009 to 2019. Scholz began his career as a lawyer specialising in Labour law, labour and employment law. He became a member of the SPD in the 1970s and was a member of the Bundestag from 1998 to 2011. Scholz served in the Government of Hamburg, Hamburg Government under List of mayors of Hamburg, First Mayor Ortwin Runde in 2001, before his election as Social Democratic Party of Germany, General Secretary of the SPD in 2002, serving alongside SPD leader and then-Chancellor Gerhard Schröder. He beca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Justice Network
The Tax Justice Network (or TJN) is an advocacy group consisting of a coalition of researchers and activists with a shared concern about tax avoidance, tax competition, and tax havens. Empirical results The TJN has reported on the OECD Base erosion and profit shifting (BEPS) projects and conducted their own research that the scale of corporate taxes being avoided by multinationals is an estimated $660bn in 2012 (a quarter of US multinationals’ gross profits), which is equivalent to 0.9% of World GDP. In July 2012, following a study into wealthy individuals with offshore accounts, the Tax Justice Network published claims regarding deposits worth at least $21 trillion (£13 trillion), potentially even $32 trillion, in secretive tax havens. As a result, governments suffer a lack of income taxes of up to $280 billion. In November 2020, the TJN published "The State of Tax Justice 2020" report. It claims $427 billion is lost every year to tax abuse. Focus Financial Secrecy Index ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bruno Le Maire
Bruno Le Maire (; born 15 April 1969) is a French politician and former diplomat who has served as Minister of the Economy and Finance since 2017 under President Emmanuel Macron. A former member of The Republicans (LR), which he left in 2017 to join La République En Marche! (LREM), he was Secretary of State for European Affairs from 2008 to 2009 and Minister of Food, Agriculture and Fishing from 2009 to 2012 under President Nicolas Sarkozy.Webpage Le Maire is also a noted writer, with his book ''Des hommes d'Etat'' winning the 2008 Edgar Faure Prize. Early life and education Bruno Le Maire was born on 15 April 1969 in |
2021 G7 Summit
The 47th G7 summit was held from 11 to 13 June 2021 in Cornwall, England, during the United Kingdom's tenure of the presidency of the Group of Seven (G7), an inter-governmental political forum of seven advanced nations. The participants included the leaders of the seven G7 member states, as well as representatives of the European Union. The president of the European Commission has been a permanently welcome participant at all meetings and decision-making since 1981, while the current president of the European Council has been the EU's co-representative since the 36th G8 summit in 2010. Leaders at the summit Participants included leaders of the G7 member states plus representatives of the European Union. The president of the European Commission has been a permanent participant at all meetings since 1981. The president of the European Council has been the EU's co-representative since the 36th G8 summit hosted by Canada in 2010. In March 2014, the G7 declared that a meaningful ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Group Of Seven
The Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a "non-enumerated member". It is officially organized around shared values of pluralism and representative government, with members making up world's largest IMF advanced economies and liberal democracies. As of 2020, G7 members account for over half of global net wealth (at over $200 trillion), 32 to 46 percent of global gross domestic product,Depending on whether nominal values or purchasing power parity is used. and 10 percent of the world's population (770 million people). Members are great powers in global affairs and maintain mutually close political, economic, diplomatic, and military relations. Originating from an ''ad hoc'' gathering of finance ministers in 1973, the G7 has since become a formal, high-profile venue for discussing and coordinating solutions to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Tax Review
''ITR'', previously known as ''International Tax Review'', is a business-to-business publication focused on news analysis of tax policy and tax advice from around the world. This remit includes transfer pricing, corporate tax and indirect tax, particularly VAT and sales tax. The magazine provides in-depth and strategic coverage of policy developments at the EU and the OECD, particularly the latter's BEPS project. History and content ''International Tax Review'' was launched in London in November 1989 to cater to the tax services industry, publishing academic papers and covering court judgments on tax law. Over the years ''ITR'' has interviewed numerous politicians, including European commissioners Margrethe Vestager and Pierre Moscovici, as well as top tax professionals from companies such as Philip Morris, Microsoft and Johnson & Johnson. ITR follows the debate on tax avoidance, inequality and wealth distribution, often reporting on the Tax Justice Network and scandals like ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Treasury Secretary
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is a statutory member of the Cabinet of the United States, and is fifth in the presidential line of succession. Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, is confirmed by the United States Senate. The secretary of state, the secretary of the treasury, the secretary of defense, and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments. The current secretary o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. Yellen is the first woman to hold each of those posts and the first person to have led the White House Council of Economic Advisers, the Federal Reserve, and the Treasury Department. Born and raised in Bay Ridge, Brooklyn, Yellen graduated from Brown University in 1967 and earned a Ph.D. in economics from Yale University in 1971. She taught as an assistant professor at Harvard University from 1971 until 1976 when she began working for the Federal Reserve Board as a staff economist from 1977 to 1978 before joining the faculty of the London School of Economics from 1978 to 1980. Yellen is professor emeritus at the Haas School of Business and the University of California, Berkeley, where she has been a faculty member since 1980 and became the Eugene E. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Base Erosion And Profit Shifting (OECD Project)
The OECD G20 Base Erosion and Profit Shifting Project (or BEPS Project) is an OECD/G20 project to set up an international framework to combat tax avoidance by multinational enterprises ("MNEs") using ''base erosion and profit shifting'' tools. The project, led by the OECD's Committee on Fiscal Affairs, began in 2013 with OECD and G20 countries, in a context of financial crisis and tax affairs (e.g. Offshore Leaks). Currently, after the BEPS report has been delivered in 2015, the project is now in its implementation phase, 116 countries are involved including a majority of developing countries. During two years, the package was developed by participating members on an equal footing, as well as widespread consultations with jurisdictions and stakeholders, including business, academics and civil society. And since 2016, the OECD/G20 Inclusive Framework on BEPS provides for its 140 members a platform to work on an equal footing to tackle BEPS, including through peer review of the B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José Ángel Gurría
José Ángel Gurría Treviño, also known as Ángel Gurría, (born 8 May 1950) is a Mexican economist and diplomat. From 1 June 2006 to 31 May 2021, he was the secretary-general of the Organisation for Economic Co-operation and Development (OECD). Early life and education Born in Tampico, Tamaulipas, Gurría graduated with a bachelor's degree in Economics from the National Autonomous University of Mexico (UNAM) and undertook postgraduate studies at the University of Leeds in the United Kingdom and at Harvard University in the United States. Besides his native Spanish, Gurría speaks French, English, Portuguese, Italian and German. Career Early career Gurría served in the financial area of Mexico’s Federal Electricity Commission (CFE), National Development Bank (Nafinsa), Rural Development Fund, and the Office of the Mayor of Mexico City from 1968 to 1976. From 1976 to 1978, Gurría served as Mexico’s Permanent Representative to the International Coffee Organization (IFO ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christine Lagarde
Christine Madeleine Odette Lagarde (; née Lallouette, ; born 1 January 1956) is a French politician and lawyer who has been serving as President of the European Central Bank since 2019. She previously served as the 11th managing director of the International Monetary Fund (IMF) from 2011 to 2019. Lagarde had also served in the Government of France, most prominently as minister of the economy, finance and industry from 2007 to 2011. She was the first woman to hold each of those posts. Born and raised in Paris, Lagarde graduated from law school at Paris Nanterre University and obtained a Master's degree from Sciences Po Aix. After being admitted to the Paris Bar, she joined the multinational law firm Baker & McKenzie as an associate in 1981, specializing in labor, anti-trust, as well as mergers and acquisitions. Rising through the ranks, she was a member of the executive committee of the firm from 1995 until 1999, before being elevated to its Chair between 1999 and 2004; she was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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