Discover and read the best of Twitter Threads about #beps

Most recents (4)

Hello friends! Let’s talk about VAT in Nigeria and some perspectives on the proposed hike to the VAT rate.
It’s a thread! #NigeriaVAT
1. We are all aware of the plan by the FG to increase VAT rate from the current 5% to 7.5% come 2020. While several “experts” and public affairs commentators have complained about how low our VAT rate is compared to other countries in Africa...

#NigeriaVAT
2. ...they have failed to appreciate the deficiencies of the Nigerian VAT system.
There are reasons why it may be wrong to compare VAT in Nigeria with that of other countries. Our VAT is not a proper VAT. It is more of a sales tax than VAT. #NigeriaVAT
Read 85 tweets
El Consejo de la UE (es decir los estados, no "Bruselas") lleva años bloqueando un paquete legislativo que permitiría saber la tributación de las multinacionales país por país. Yo he firmado por la transparencia #JusticiaFiscal chng.it/DJnY9Z2k vía @ernesturtasun
Este paquete legislativo, #CbCR (country-by-country reporting) obligaría a multinacionales que facturen >750M€ a hacer público en cada país UE donde operen:
-facturación
-beneficio antes y después de impuestos
-factura fiscal
-masa laboral
-ganancias retenidas
-activos tangibles
Esta información es crucial para saber si se está produciendo erosión de la base imponible y traslado de beneficios (#BEPS, base erosion and profit shifting); es decir, si lestán eludiendo o evadiendo impuestos, y es una de las prioridades de la OCDE oecd.org/tax/beps/count…
Read 13 tweets
Breaking:@firsNigeria has published #Nigeria’s revised #TransferPricing Regulations (NTPR). The #NTPR is effective for basis periods commencing after 12 March 2018 and incorporates #BEPS outcomes and suggestions from @ATAFtax.
The #NTPR includes significant penalties for non-compliance (a) failure to file TP declaration = ₦10million + ₦10k/month (b) failure to file updated TP declaration/notification = ₦25k/day.
(c) failure to file TP disclosure = ₦10million or 1% of the value of related party transactions (RPT) not disclosed + ₦10,000/day (d) filing incorrect disclosure = ₦10million or 1% of the value of RPT incorrectly disclosed #NTPR.
Read 12 tweets
Does globalization necessitate lower income tax rates?

A fascinating new @IMFnews paper looks at this exact question. THREAD:

imf.org/~/media/Files/…
1) The paper takes up a puzzle that has permeated much research on taxation in the 'globalization' era:

The increasingly free-flowing, transnational nature of capital

- vs. -

the largely national space of tax regulation and enforcement.
2) This contrast, it is generally argued, has meant countries lower their tax rates on mobile capital (corporations, rich people), engaging in 'tax competition' or 'the race to the bottom', or else that capital simply moves elsewhere.
Read 15 tweets

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