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Old 06.06.2021, 10:54
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G7 global tax deal (& impact on job market)

I am quite happy to see that somebody is pushing for some equity.
At the same time, I am quite disgusted to see how the working class ignored such topics for 40+ years accepting for example such situations ("Microsoft’s Irish subsidiary paid zero corporation tax on £220bn profit" ) . I have never seen people protesting, while people were very reactive to the "Superliga" football thing. Perhaps it's because football is much less complicated??

So, this global tax deal could be the beginning of something interesting:
https://www.bbc.com/news/world-57372682

Do you believe it could affect the job market here in CH or in other tax paradises?

Last edited by marcofbbr; 06.06.2021 at 11:14.
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Old 06.06.2021, 11:44
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Re: G7 global tax deal - impact on job market

I donít see anything physically happening for a decade probably.
Cooperation is key and that will take years for the world to come onboard to the idea.
The current G7 talk and acceptance on a minimum tax rate and taxation on profits where profits were made looks good in the press and provides appeasement to the masses that something is being done.
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Old 06.06.2021, 11:46
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Re: G7 global tax deal - impact on job market

Even if it is implemented quickly , on the Microsoft case of £220 billion profit only 20% is to be taxed in areas where profit was made. So that would tax being paid on £44 billion and £176 billion taxed under current arrangements aka in this case zero tax.
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Old 06.06.2021, 17:12
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Re: G7 global tax deal - impact on job market

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Do you believe it could affect the job market here in CH or in other tax paradises?
Not a single Irish employee will loose their job because of this, so how will it impact the jobs market.... it is just an accounting transaction. The Irish government estimates they will loose about 2.2b in tax revenues as a result of the deal, which when spread out over the other countries is not really going to have much of an impact.

It is also only an agreement in principle, it will take years to work out and agree the mechanics of it. And the end result may not look anything like the current objective.

I very much doubt it will make much difference to most of us.
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Old 06.06.2021, 17:21
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Re: G7 global tax deal - impact on job market

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I very much doubt it will make much difference to most of us.
Unless you have money tied up in the stock market, we'll see tomorrow morning how it reacts.
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Old 06.06.2021, 17:48
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Re: G7 global tax deal - impact on job market

I expect the markets are going to soar. Corporations, and in particular Big Tech, are getting off very easily.

Pity they didnít agree a minimum tax on executive bonuses.
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Old 06.06.2021, 19:50
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Re: G7 global tax deal - impact on job market

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Unless you have money tied up in the stock market, we'll see tomorrow morning how it reacts.
It's not as if it's a surprise or something that is not pretty much priced in already. I suspect the US will ultimately be the main beneficiary of this........
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Old 06.06.2021, 20:01
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Re: G7 global tax deal - impact on job market

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It's not as if it's a surprise or something that is not pretty much priced in already. I suspect the US will ultimately be the main beneficiary of this........
In which case staying invested or investing in US socks, bonds and the $ could be the smart thing to do? Is it time to sell our cherished Swiss franks for some green mulla?
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Old 06.06.2021, 20:17
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Re: G7 global tax deal - impact on job market

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In which case staying invested or investing in US socks, bonds and the $ could be the smart thing to do? Is it time to sell our cherished Swiss franks for some green mulla?
I'd try and avoid macroeconomics and the news when investing, easier said then done I know!
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Old 06.06.2021, 20:24
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Re: G7 global tax deal - impact on job market

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I'd try and avoid macroeconomics and the news when investing, easier said then done I know!
Unfortunately or perhaps fortunately my investment strategy seems to have no effect on macroeconomics. So there really nothing to worry about.
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Old 06.06.2021, 21:10
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Re: G7 global tax deal - impact on job market

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Unfortunately or perhaps fortunately my investment strategy seems to have no effect on macroeconomics. So there really nothing to worry about.
Plantation of low THC in CA or milk in CH ?

two things I know of do not follow macros - no matter what
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Old 06.06.2021, 21:13
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Re: G7 global tax deal - impact on job market

Actually I believe there will be a higher demand for creative accountants.
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Old 06.06.2021, 21:24
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Re: G7 global tax deal - impact on job market

IR-NL-IR sandwich will grow with some flavours and souses I feel ..
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Old 06.06.2021, 22:32
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Re: G7 global tax deal - impact on job market

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It's not as if it's a surprise or something that is not pretty much priced in already. I suspect the US will ultimately be the main beneficiary of this........
i haven't followed closely recently, but when i last looked at it (and it may have changed since), i was expecting developing countries to be the big winners (india, china etc.).

the current system was developed by the rich countries at the expense of the developing countries.

it seems like europe looked too enviously at the big tech companies they could tax and forgot that in the bigger picture, they too were beneficiaries of the current system. it wouldn't surprise me if europe ends up with a net loss of tax as a result of these measures.
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Old 06.06.2021, 22:49
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Re: G7 global tax deal - impact on job market

old boys club still .. poor nations are no market for google et all ...its developed markets where you do not want to pay local-tax .

and its not EU winning ..its US not losing as loophole is closed jan 2021 to my knowledge so they be up for more more often...
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Old 07.06.2021, 09:40
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Re: G7 global tax deal - impact on job market

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I suspect the US will ultimately be the main beneficiary of this........
This and only this
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Old 07.06.2021, 10:00
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G7 deal to tax global companies at 15%

What effect will the G7 deal to tax companies at 15% have on Switzerland? Will cantons such as Zug and Schwyz be forced to raise taxes?
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Old 07.06.2021, 10:10
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Re: G7 global tax deal - impact on job market

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This and only this
Don't ask what the US can do for you but what you can do for the US.
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Old 07.06.2021, 10:11
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Re: G7 deal to tax global companies at 15%

Maybe not - federal rate is ~ 8%, so add that to the ~ 12% in Zug / Schwyz and it's still above this threshold.
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Old 07.06.2021, 10:34
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Re: G7 global tax deal - impact on job market

This should be good news for countries like Switzerland, as corporate execs and CEOs start googling where they can relocate to. IMO, people shouldn't be cheering this, this is how cartels operate, and will only result in higher prices for everyone. Increases in cooperation tax tend only ever passed on to the customer.
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