Another blow to rich nations and their tax laws
Rich nations of the Organisation for Economic Co-operation and Development (OECD) have been told that the global tax laws they are proposing could have a discriminatory impact on the grounds of gender, ethnicity and race.
The UK, US, Canada, Japan, Germany and Luxembourg are some of the richer nations that make up the OECD. These countries have been pushing for the UN to allow them to continue making global tax laws, vowing that they will implement a two-pillar system to allow countries to get more tax from rich people and multinationals.
Among other things, the OECD’s two pillar system includes a minimum global tax on multinational companies. They said this tax would allow countries to collect money while still allowing multi-national companies to grow and innovate. But a group of top-level United Nations experts with special mandates to investigate human rights violations, have told the OECD that the controversial “two pillar” reforms, if implemented, could significantly reduce the amount of tax poorer countries can collect from multinational corporations.
The experts also assert that the OECD “is not an inclusive or representative forum for global negotiations on tax cooperation – backing similar criticisms made by a range of countries, global bodies, regional blocs, prominent economists, researchers and non-governmental organisations.
They accused the OECD of not taking the concerns of low and middle income countries into consideration adding that the OECD proposals may be “incompatible” with international law against racial discrimination and against discrimination against certain groups including women.
They point out that if developing countries aren’t allowed to collect the taxes they are due, they won’t be able to fulfil their human rights obligations due to their inability to adequately fund social policies and public services essential for human rights. This would disproportionately affect the most vulnerable segments of the population.
Global tax laws which have usually favoured the rich could drastically change in the next few years. On 22 November 2023, countries voted by a landslide majority for all countries to set tax laws instead of richer nations.
The US, UK and EU attempted to block the resolution but it was adopted with 125 votes in favour, 48 against, and nine abstentions. These movements on global tax laws could affect the BVI’s financial services industry, which is already seeing declines because of global shocks such as growing pressures to tax the wealthy to invest resources in the BVI.
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The BVI is one of the only countries in the world that wants to keep an unfair, opaque, tax system that suits those with money and keeps a knee on the neck of the world’s poor.
Listen, we here claiming we are anti colonial, oppressed and downtrodden by the evil wyt man. Next minute we demanding the right to be Number One Deputy to the oppressor, keeper of the rich man’s secrets, providing a great service to help him keep sneaking money away into deep dark holes so no one can ever find it and the real oppressed of the world continues to wonder why the rich only get richer and the poor get poorer.
The poor of the world see us as the Uncle Tom of our times.
Man STFU.
I think your name says it all really.
Socialism is dangerous. What this countries are trying to do with their tax laws is rob from the rich to give the poor. Why should the rich give their hard earned money to the poor through taxation?
The country is paid for by our taxes. You ever use NHI? We get it cheap bc of taxes. You ever use a road? Call an ambulance? Need police? Need any rules for anything, like no murder, no trespassing, no bank robbery? Enforcement, courts, education, etc. How else you going to get these things? Leaving it to rich greedy people to give it away? Or just let the poor starve while everyone just trample over them?
The country is bound together by one thing – you pay your little taxes and you supposed to get back the basics of a country.
Places like US and UK are wicked evil like this bc they waste tax money and create a two tier system where the rich live one life and the poor another. How did the rich get so rich? People with your philosophy that hates all government invented sneaky loopholes in isolated colonies that means they can hide money away instead of paying their fair share of taxes.
You talk about socialism and clearly don’t know anything about it. What you all want is Wild West gangsterism, aka anarchism.
The fact that BVI is likely part of the structure of any investments in people’s 401 k in the US England Luxembourg China Canada etc says it all when it comes to the utility of the product
every country makes it’s own laws, the oecd is powerless
“They point out that if developing countries aren’t allowed to collect the taxes they are due, they won’t be able to fulfil their human rights obligations due to their inability to adequately fund social policies and public services essential for human rights. This would disproportionately affect the most vulnerable segments of the population.”
The above is LAUGHABLE!!!! The same countries mentioned in this article as some of the richer countries that make up the OCED are OPPRESSING their own people. if they do not give a Sh!t about their own, would they care for those that are not their own? America’s divide between rich and poor is so UNACCEPTABLE and one of the worst in any nation you would never believe it until you live there for a period of time.
“global tax laws”
Sounds a bit too much like slavery for me.
Furthermore with this wild west place there is no real help from the authorities UK or Local so if they want to tax more id wonder why they feel so entitled while failing at the job of governance.
The world has had enough of small groups getting together and dictating to the everyone else.
SO wait sorry sorry I just catch my self… What about all the Billions that they spent on Ukraine.
Did they think of their humanitarian contributions at the time?
Its incredible there’s homeless people on the streets, they waste the money and tax their people for more money to cause suffering abroad while their people suffer at home. How much percent of every taxed dollar/pound goes to violence?
Their own tax payers arent getting value. People are not cattle… for every human born globally they want money. More taxes to make enemies, weapons of war, guns that end back up on the streets all over the globe.
The guiding philosophy isn’t one of peace & benevolence and on that grounds their initiative should not be supported.