Discover and read the best of Twitter Threads about #Tax

Most recents (24)

Earthquake in international #tax world with US pulling out or pausing the #OECD negotiations aka #BEPS2.

A quick personal take in this thread. #Oxfam reaction will come in the next hours.

What does this mean for the EU? Is the USA all bad?

👇👇👇

news.bloombergtax.com/daily-tax-repo…
Let's recall this process started with a high amount of ambition in January 2019 with buy-in from the USA. Actually the USA was the one opening up the discussion with its own tax reform. Let's also remember there are 2 pillars.

Pillar 1 = digital economy. Pillar 2 = minimum tax.
The pulling out of the US or the ask to pause the negotiations seems to only hit pillar 1.

Pillar 1 divided countries from the very start. Some countries wanted a very limited focus (only techgiants) and others wanted to broaden the scope.

Actually the USA wanted a broad scope.
Read 14 tweets
I got a lot of questions recently on #tax policy developments in the #Netherlands. So here is a thread!

A lot has happened in the past 2 months. I will try to give a complete overview with implications and consequences for one of the largest #taxhavens in the world.

Enjoy! 👇🇳🇱
First a general comment.

Over the past weeks the Netherlands has been extensively portrayed as a harmful tax haven in the EU, especially by southern European countries.

Many numbers circulate about the Netherlands but missingprofits.world sums it up pretty well.
Several reports have been published in the NL in the past 2 months:

(1) The long-awaited report of an independent commission (known as Adviescommissie ter Haar) on how the NL should reform its laws to make multinationals pay their fair share. 👉rijksoverheid.nl/documenten/rap…
Read 17 tweets
Daily Bookmarks to GAVNet 6/11/2020-2

greeneracresvaluenetwork.wordpress.com/2020/06/11/dai…

China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System

forbes.com/sites/billybam…

#china #digital #banking #trump
Stephanie Kelton: MMT Simply Describes Monetary Reality In The US – Heisenberg Report

heisenbergreport.com/2020/06/09/ste…

#MMT
Erosion of the Himalayas governed by tectonic movements, limiting climate change impacts on landscape formation

phys.org/news/2020-06-e…

#landscape #Himalayas #ClimateChange #erosion
Read 5 tweets
BUSINESS EXCELARATOR PROGRAM is a unique program for entrepreneurs to provide practical strategies to identify growth opportunities & overcome current challenges.

Link:us02web.zoom.us/meeting/regist…

Questions that will be answered in this program:
Question #1: Have you defined department-wise Key Performance Indicators (KPIs) based on specific goals & targets to measure whether your business objectives are achieved?

#performance #business #program #covidsolution #covid19 #msme #AtmaNirbharBharat #lockdown
Question #2: Do you get the Key Performance Indicators (KPIs) of your company as a Business Summary Dashboard on a daily basis to monitor & measure the progress of your company?

#business #program #covidsolution #covid19 #msme #AtmaNirbharBharat #Lockdown5 #startups
Read 24 tweets
Why Hong Kong is important for China !! See the statistics for yourself !!
1530 multinationals have their regional headquarters in Hong Kong according to the Hong Kong government (InvestHK, 2019). This is an increase of two-thirds since 1997.
In 2018, United States- based companies had the largest number of regional headquarters (290) and regional offices (434) in Hong Kong, followed by Japanese and Mainland Chinese firms (Census and Statistics Department, 2018b).
Read 19 tweets
Heads Up, Californians

California’s #DeepState Attorney General @XavierBecerra has been successful in clearing the way for a November 2020 ballot initiative that would repeal 1978’s #Prop13 for commercial properties.
This is a so-call “split-roll” initiative that would #tax commercial and industrial properties at current fair-market value rather than the purchase price. An estimate $11 billion in annual proceeds would be distributed about 40% to local schools and 60% to local governments.
Groups backing the California Schools and Local Communities Funding Act include the League of Women Voters @cavotes and the Alliance of Californians for Community Empowerment @CalOrganize as well as some prominent state and local teachers’ unions.
Read 4 tweets
This thread is about understanding Lebanon’s #budget in few questions.
Another thread will explain #Citizen_Budget 2020.
@OpenBudgets 👇
What is the #Budget?
Article 3 of the "Public Accounting Law" defines #budget as “a legislative instrument in which national #revenues & #expenditures are estimated for the upcoming year & by which #tax collection & spending are allowed”.
State #budgets have evolved to become a tool of #foresight, #planning and #accountability based on programs and #performance assessments.
bit.ly/2JKN0LV
Read 13 tweets
Only an insecure citizen will vilify a period of history, as rich and complex as #Mughal rule.

This demonstrates a vacuum of confidence and an inherent inadequacy in their own ability, to accept or understand the dynamics that created modern #India.

A #thread on the #Mughals:
1. The #Mughals, as they are erroneously called, were descended from Temur (aka Tamberlane, Tamerlane), in a direct patrilineal line and from Chengiz Khan in a direct matrilineal line.

They identified themselves with their Timurid heritage.
#TheGreatMughals
2. Babur, like all Mughals felt a legitimate claim on Hindustan after its conquest in 1398-99, by Temür, which effectively ended the already tottering Tughlaq Sultanate, following the fall of Delhi.
Not until 1451 and the rise of the Lodis (under Bahlul Khan), did Delhi recover.
Read 30 tweets
When Francis #Fukuyama, in his 1992 book, disclosed the "end of history" #thesis, he became a world celebrity.

The formulation was simple, but devastating for the left: faced with the evidence of the disappearance of the #SovietUnion, he could affirm that #communism had failed..
and that #capitalism emerged victorious as the only system that guaranteed #peace, #freedom & #equality.

However, in 2010 Fukuyama acknowledged that he had not understood the meaning of the disappearance of the Soviet Union and the #European socialist bloc.
Fukuyama had believed in the drunkard #Yeltsin (the face of the gravedigger & #thief who prevailed with blood & fire, supported by the #West, with the coup d'etat in #Moscow in 1993) and in the capacity of liberalism to satisfy human needs and, In addition, in 1992, ...
Read 14 tweets
The global discussion around debt relief for low-income and fragile countries during #COVID19 is gathering momentum. There are various dimensions to the current debt situation, especially for #Africa. Here’s a short thread for those interested to follow the discussions 1/n
The World Bank and IMF recently issued a joint call to the G20 for temporary suspension of debt service payments by IDA countries (low-income and fragile countries) to help provide liquidity in these countries to tackle #COVID19 2/n imf.org/en/News/Articl…
A group of high-profile Africans (incl. Okonjo-Iweala, Thiam, Songwe) are calling for debt relief for African countries. Specifically, they are calling for a "two-year standstill on all external debt repayments, both interest & principal." 3/n

brookings.edu/opinions/afric…
Read 28 tweets
1) On Friday @IRSnews issued NEW #FAQs resolving whether an employer that receives a #PPP #Loan may defer Employer portion of #socialSecurityTaxes under #CARESAct irs.gov/newsroom/defer…
2) Employers receiving #PPPloans may not defer the deposit&payment of the Employer share of #SocialSecurity tax "otherwise due AFTER the employer receives a decision from the lender that the loan was forgiven." #IRSFAQ #1
3) The deferral applies to deposits&payments of an Employer's share of #SocialSecurity #tax that would otherwise be required to be made during the "Payroll Tax Deferral Period" (March 27 through December 31, 2020). #CARES #Section2302 @IRSnews #FAQ 2
Read 9 tweets
Deciphering the #Serraj vs #Kabir squabble.

1 must go back to May-Oct 2018, when both #UN & #US began exerting a pressure on the #CBL in #Tripoli.

At the time, an #LNA attack on the capital wasn't seen as imminent, nor was a #Hibri-#Kabir reunification considered a hot priority
Following #Haftar's Jun '18 #OilCresc blockade, #US (thru the #UN) helped #CBL devise a measure, which was implemented after the Aug-Sep '18 LoC battle in Tripoli.

An LoC #tax now made the de-facto conversion rate 3.9 dinars to 1 $.

$10k packages were introduced for households.
The #US-designed measure—rolled out by #Kabir in Oct ’18—was effectively a devaluation of the dinar w/ the added benefit of attracting banknotes back into the system.

The measure turned out to be a success.

It also reduced the amount of political controversy surrounding #Kabir
Read 13 tweets
@KsapaOrg @FBaddache#Tax evasion
✅ Ruled using #bilateral investment treaties
#Data collection, usage, sharing

the 3 key themes in @KsapaOrg's approach to #BizHumanRights being highlighted by @FBaddache

#webinar #HumanRights #duediligence #engagement #HRDD #BigData #cybersecurity #UNGPs
@KsapaOrg @FBaddache three areas directly impacting #business in respect to #humanrights:

1. comply w/ mandatory transparency & #HRDD - in operations, joint ventures & #supplychains

#webinar #BizHumanRights #engagement @UKAntiSlavery @ModSlaveryReg @pcarrier26 @InvestForRights @FinComSlavery
Read 13 tweets
Not to root for state or CB intervention, with #coronavirus, its inevitability must be faced. So how to make it the least damaging and not allow it to become entrenched in the system and lead to another decade of distortion & waste like post-#GFC? 1/x
Problem is to try to avoid the failure of otw viable firms because of disruptions due to the global health emergency - & also to spare their employees from ruin. Flooding money into financial markets is NOT the answer, #JayPowell! Blind fiscal expansion, neither, #DonaldTrump 2/x
Here's the kernel of an idea. Finmarkets are desperate for 'safe assets'. nominal yields are trifling; real ones negative. S-o-o, launch a special series of #Treasury bonds to sate the market's hunger & halt the potentially disastrous collapse in yields. 3/x
Read 11 tweets
On @infomorning today, I shared (in 8 minutes!) some results of the pathbreaking research we've done on the history of Nova Scotia's King's College connections to the enslavement of African people. Here's a taste:

History thread!

#UVADeanKvD @ukings
First, we made sure the basics were covered: slavery was practiced in Nova Scotia. The trade was abolished by a British statute in 1807, and enslaved people were emancipated by an 1833 British statute. Read HA Whitfield's great book on the subject (North to Bondage).
Then I went on to new facts discovered and new significance established of well-known facts (the historians involved were me, Smardz-Frost, States, and Roper. Here’s a link to the research: ukings.ca/administration…
Read 10 tweets
Direct tax proposes a new optional #tax regime optional for taxpayers.
Under the new tax regime – tax rates are as follows
Up to 5 lakhs – 0%
5 lakhs to 7.5 Lakhs – 10%
7.5 Lakhs to 10 Lakhs – 15%
10 Lakhs – 12.5 Lakhs – 20%
12.5 Lakhs to 15 Lakhs – 25%
More than 15 Lakhs – 30%
DDT has been removed. #DDT will be taxed in the hands of individuals at their slab rate. With DDT scrapping, govt lets go of Rs 25,000 crore revenue.
Audit Turnover threshold has been increased from Rs. 1 crore to Rs. 5 crores. #Budget2020
Read 10 tweets
When someone says the word #SIP, most of us associate it with equity #mutualfunds. But did you know that SIPs are possible in the fixed income asset class as well?
#Debt SIPs can be one of the most useful ways to meet your short term goals, recurring goals, and asset allocation needs.
SIPs in #debtfunds can be used to meet yearly school fees, build an emergency reserve, your annual vacation, regular recurring expenses, working capital, etc.
Read 8 tweets
@arthur_eckart @jlounsbury59 @AuburnParks @stf18 @mcgilcoli @FadhelKaboub @GaneshHegde7 @tonywestonuk @sashi31363 @StephanieKelton @tymoignee @pdacosta @GaelicTorus Hope you have gone through this part of the article as well - Here’s an example. As many economists have lately been pointing out, these days the old story about rising inequality, in which it was driven by a growing premium on skill, has lost whatever relevance it may have had.
@arthur_eckart @jlounsbury59 @AuburnParks @stf18 @mcgilcoli @FadhelKaboub @GaneshHegde7 @tonywestonuk @sashi31363 @StephanieKelton @tymoignee @pdacosta @GaelicTorus Since around 2000, the big story has, instead, been one of a sharp shift in the distribution of income away from wages in general, and toward profits. But here’s the puzzle: Since profits are high while borrowing costs are low, why aren’t we seeing a boom in business investment?
@arthur_eckart @jlounsbury59 @AuburnParks @stf18 @mcgilcoli @FadhelKaboub @GaneshHegde7 @tonywestonuk @sashi31363 @StephanieKelton @tymoignee @pdacosta @GaelicTorus And, no, investment isn’t depressed because President Obama has hurt the feelings of business leaders or because they’re terrified by the prospect of universal health insurance.

Well, there’s no puzzle here if rising profits reflect rents, not returns on investment.
Read 10 tweets
⚠ Thread | Republican Party Platform: Socialism for the wealthy. Biblical capitalism for everyone else.
Nearly 700,000 will lose food stamps with USDA work requirement change

🔗nbcnews.to/2DKfSB0 #ImpeachTrump #Resist #Trump #GOPTaxScam
Welfare for the rich? A $1.9 Trillion tax cut giveaway.

Fun fact: In 2018, 60 Fortune 500 companies paid no taxes on a total of $79 billion of profits.

Welfare for the poor? 2 Thessalonians 3:10

#Evangelicals #Republicans #ImpeachTrump #Trump #Resist #Bible #GOPTaxScam
Read 172 tweets
Here are 20 sweeping changes to the Nigerian #tax laws that may affect you! pwc.smh.re/0FXk
1. Excess dividend tax to apply only to untaxed distributions other than profits specifically exempted from tax and franked investment income
2. Small businesses with turnover under N25m to be exempted from Companies Income Tax
Read 21 tweets
💡 How to reconcile globalisation & #TaxJustice?

Some 🗝️ key points by 🎙️ @gabriel_zucman in another cracking #podcast episode of @TheTaxcast

🎧 ➡️ taxjustice.net/2019/10/25/tax…

THREAD 1/7
#TaxEvasion & #TaxAvoidance are not laws of nature, but policy choices. We can choose to:
🕵️‍♂️ allow secrecy
💸 lightly regulated the tax avoidance industry
🌪️allow tax competition to drive a #RaceToTheBottom

Or we can choose not to allow them 👇 2/7
The alternatively could be to choose to:
🧮 record wealth in registries
🏛️ regulate #TaxAvoidance industry
🌍 make international #tax coordination a core part of #Trade agreements & international cooperation

3/7
Read 8 tweets
Another important day in #tax world and especially for @OECDtax.

#G20 Ministers should approve today last week's proposal by the OECD to reform international corporate tax rules.

Is this a revolution?

Check out this thread for a visual illustration of what is on the table!
The reform (who has the right to tax multinationals and where should that happen) has 3 steps (A, B and C). A being the major breakthrough. All companies with a certain turnover in a country even without physical presence have to allocate a part of their profits to that country.
How this step A looks like is the big question and it has been hard to visualize the reform and clearly indicate what still needs to be negotiated (cause a lot is still under discussion). I have tried to put it all in images and happy to hear comments and discuss #taxtwitter
Read 15 tweets
Here is a social experiment.

Will I be reported to @Twitter for using offensive and demeaning language if I use -- correctly -- the word "#niggardly" -- in a sentence?

The Hawaii Supreme Court rejected the tax assessor's approach as a niggardly construction of the statute.
I've been reviewing decisions of the #HawaiiSupremeCourt on the question of whether #nonprofits were properly charged a #generalexcise #tax under Hawaiian law for various activities and operations that produced #income to the organization.
Courts begin (and end) their principal analysis of such issues by examining an underlying tax law, code, rule, or regulation.
Read 16 tweets

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