Can someone help me understand the G20 & OECD in this current climate?
How does something like the proposed 15% minimum tax rate on multinational enterprises get operationalized when there are existential conflicts between existing members of the G20, and a drive to create a “multi-polar” world?
"Violence" (or financial blackmail via the IMF)
So a country like Russia, which is still listed as a member on the G20(.)org website, would face further sanctions or financial penalties?
China, South Africa, India and Saudi Arabia are G20 members and have not entirely followed European / NATO sanctions. Why would they cave to the IMF?
I think Brics is a movement also against this. But look at highly indebted countries, for example Argentina. IMF forces a lot of austerity policies on countries as condition to provide them with new loans. Same way new loans could be given with a conditional minimum tax (if countries don't comply voluntarily). The talk from Alex nostr:npub1trr5r2nrpsk6xkjk5a7p6pfcryyt6yzsflwjmz6r7uj7lfkjxxtq78hdpu at Btc23 (and his recent book) describe this dependency in more detail.
Thanks, I appreciate your input.
In Switzerland we have to vote in a referendum on this topic. If we vote against the 15% corporate tax rate, we would allow other countries to pocket the delta between the 15% tax rate applied by G20 & OECD countries and whatever tax is being charged locally by the Canton.
So, another country could stand to pocket, for example, 3% if a Canton only charges a 12% tax rate.
Given the current climate, I question the extent to which all G20 countries are incentivized to cooperate with this international tax reform.
I guess it’s one of those things that I will have to live through to understand.
It's rare that people get to vote on such things directly. A privilege of living in Swiss I guess :).
Direct democracy baby 🙌 🇨🇭
There are nine items in this upcoming “votation”. Three Federal and six cantonal.
I don’t have to pledge allegiance to right or left. But I do feel the responsibility of being informed.
Becoming a Swiss citizen + falling down the Bitcoin rabbit hole have pushed me to care more about civics.
Did I mention I’m fun at parties 😂
This would be a tax cartel. And cartel members will be incentivized to cheat so they will ‘on their face’ have a 15% minimum tax but then they will also have carve outs and loop holes.
