Will global minimum tax rate reduce Singapore's appeal?

[TexasTowelie]

By Lee Kah WhyeSingapore, June 14 (ANI): Last week, the Group of Seven (G7) advanced economies announced that they have come to a preliminary agreement to set a global minimum corporate tax rate of 15 percent.

The proposal will next go to the OCED (Organisation for Economic Co-operation and Development) and G20 countries for further discussion.

For some time now, the major economies have been aiming to prevent multinational companies from shifting profits to low-tax territories regardless of where their sales are made.

Recently, income from intangible sources like intellectual property, software, drug patents have shifted to these jurisdictions, allowing companies to avoid paying higher taxes in their traditional home countries.

Read more: https://www.caribbeannews.net/news/269887032/will-global-minimum-tax-rate-reduce-singapore-appeal

[MichMan]

1. Singapore is not part of the G7, so they haven't agreed to anything

Neither are Brazil, China, Vietnam, or India among others

[peppertree]

2. To say nothing of all those UK dependencies like the Caymans

Now home for at least half the world's estimated money laundering.

Plus Luxembourg, the Swiss, etc.

You're right: that statement was a farce - unless the UK decides to crack down on all those little islands, the EU on Luxembourg, etc.