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Global minimum tax

Global minimum tax
Latest news and updates on the proposed global minimum tax rate that aims to clamp down on tax evasion and prevent countries from competing by offering lower taxes to attract multinationals. Group of 7 (G7) leaders, Group of 20 (G20) finance ministers as well as the 132-member Organisation for Economic Co-operation and Development (OECD) have all backed setting a minimum global corporate tax rate of at least 15 per cent. The move aims to prevent multinationals - including tech giants like Google, Amazon and Apple - from shifting profits to low-tax jurisdictions and modernise the tax system for the digital economy.
People walk past buildings in Central, Hong Kong. Photo: Sun Yeung
Wealth management

Goldman Sachs upbeat on wealth outlook despite worries over China’s tax scrutiny

Robust fee growth tipped for Hong Kong, Singapore banks as mainland Chinese clients’ offshore allocations driven by diversification: report.

Chinese offshore investment

Beijing targets offshore tax dodging, intensifying cross-border capital scrutiny

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Hong Kong economy

Editorial | Firms redomiciling in Hong Kong can only be good for business

HKEX

Two China Resources units redomicile in Hong Kong from Cayman Islands

China Resources Beverage and China Resources Building Materials Technology propose reincorporating from Cayman Islands to Hong Kong.

Two listed companies of the China Resources Group have proposed to apply to redomicile from the Cayman Islands to Hong Kong. Photo: Handout
Banking & finance

Exclusive | BVI to study feasibility of global minimum tax rate next month: premier

Premier Natalio Wheatley also tells Asia-Pacific business leaders that the BVI is committed to the region.

Millionaires, billionaires and trillionaires

Outside In | Why global tax on super rich is least bad option to tackle crises

Amid the current wave of adversity, the wealthiest among us must acknowledge they are obliged to dig deeper into their pockets.

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Banking & finance

Opinion | Bretton Woods should heed the cries for fair play or go

The Global South is right to demand change of a global financial system that is neither ecologically nor financially sustainable.

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Mobile billboards on trucks parked near a small rally calling for a higher tax rate on the wealthiest Americans in Times Square in New York on July 27, 2021. Photo: EPA-EFE
Banking & finance

Opinion | Richer nations should not stand in the way of a fairer global tax system

Tax cooperation would help ease economic distortions from the ultra-wealthy and free up resources to advance social and environmental goals.

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United States

Frustrated US says India, China hindering global corporate tax deal

Treasury Secretary Janet Yellen said New Delhi and Beijing not showing interest in finalising Pillar 1 of the OECD pact reached in principle in 2021.

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Banking & finance

Hong Kong could get US$1.28 billion boost from global corporate minimum tax

Several hundred large multinational companies will be affected by the new tax rule, Commissioner of Inland Revenue says.

Revenue Tower in Wan Chai, Hong Kong pictured on June 1, 2022. Photo: Dickson Lee
Asean

Opinion | Indonesia’s push to join OECD ‘rich man’s club’ is misguided

Indonesia’s plans for an accelerated accession come as global concerns grow over the OECD’s transparency and fairness towards developing nations, particularly in its tax policies.

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Indonesian President Joko Widodo greets a farmer at the paddy field area in Pekalongan, Central Java province, on December 13. He is pushing Indonesia to join the OECD in less than four years. Photo: Antara via Reuters
Banking & finance

Global minimum tax may dent Hong Kong’s competitiveness, lawmaker warns

Hong Kong’s decision to implement the 15 per cent global minimum tax for large multinational companies from 2025 could undermine the city’s efforts to offer tax incentives to attract new businesses, says Robert Lee, who is also a broker.

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Ukraine war

Letters | Millennials of the world are just not that into war

Readers discuss the younger generation’s position on conflict, and the Cayman Island’s commitment to tax cooperation.

Singapore

Singapore and Hong Kong brace for minimum tax turbulence

A planned global minimum corporate tax of 15 per cent is a headache for the two Asian financial hubs, whose attraction owes much to their relatively low rates.

A pedestrian passes a mural of the Hong Kong skyline in Jordan. Photo: Xiaomei Chen
World Economic Forum (WEF) in Davos

Make us pay more tax, millionaires group tells Davos forum

The ‘Patriotic Millionaires’ group said in an open letter that the wealthy should pay more for Covid-19 recovery.

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A video protest sign on a truck paid for by the Patriotic Millionaires drives past a mansion owned by Amazon founder Jeff Bezos in Washington. File photo: Reuters
Income inequality

Opinion | We need a global summit to tackle wealth inequalities

The least we can do is have a democratic, transparent and constructive dialogue on how those who can afford to, and who emit more carbon, should pay higher taxes to foster a more sustainable and inclusive world.

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G20

G20 leaders endorse global minimum corporate tax deal

The summit also confronted a two-track global recovery and heard pleas to boost coronavirus vaccination rates in poor countries.

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G20

World leaders to talk climate, economy, vaccines at G20

Leaders from the major countries gather for the first face-to-face summit in two years, but a draft paper shows they are likely to only slightly toughen their pledges on climate action.

Indian Prime Minister Narendra Modi (left), German Chancellor Angela Merkel (centre), Dutch Prime Minister Mark Rutte (right), Italian Prime Minister Mario Draghi and Indonesian President Joko Widodo applaud Italian health care workers as they gather for the official family photo on day one of the G20 World Leaders Summit at Rome Convention Centre. Photo: DPA
Income inequality

Macroscope | Global shift shows China’s ‘common prosperity’ goals are not unique

The breadth of Beijing’s reforms have received much attention, but policy proposals elsewhere show it is far from alone in seeking to put people before profit. However, governments also have to strike a balance between improving equality and achieving growth.

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World Bank Group

G20 backs global minimum tax deal, pledges to sustain Covid-19 recovery

The Group of 20 (G20) major economies has vowed to support a sweeping overhaul of the global tax system, while keeping an eye on the ‘highly divergent’ pandemic recovery.

G20

Nearly 140 countries reach deal on global minimum corporate tax

The agreement will bring sweeping changes to how big multinational companies are taxed and deter them from stashing profits in offshore havens.

The tax reform deal was announced by the Organization for Cooperation and Economic Development, which hosted the talks that led to the agreement. Photo: Shutterstock
China economy

‘It’s now or never’ for new global tax rules as key OECD meeting looms

Members of the Organisation for Economic Co-operation and Development (OECD) will meet on Friday to discuss new global rules to share tax revenues.

More than 130 countries in the Organisation for Economic Co-operation and Development (OECD)-led discussions approved a preliminary agreement in July, but others refused to sign as the plans left gaps. Photo: Shutterstock.
China economy

New global tax rules ‘first step in the Long March’, ex-China official says

China is among 130 countries to back a plan by the Organisation for Economic Cooperation and Development to set a minimum corporate tax rate of at least 15 per cent.

China economy

China says it will continue to work for ‘fairer’ global minimum tax rate

The plan is being driven by the G20 and OECD and could make it harder for the likes of Apple, Google and Facebook to avoid paying tax in their home countries.

China-Asean relations

New global tax regime seen pushing ‘exposed’ Asean nations closer to China

A 15 per cent minimum corporate tax has been hailed as a way to improve the fiscal positions of countries hit hard by the pandemic, but it could be years before tangible results are seen.

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Under the global minimum tax plan, Singapore is at risk of losing some tax advantages that helped its economy prosper in recent years. Photo: AP
Hong Kong economy

Will Hong Kong remain Asia’s No 1 tax haven after new global reform?

A new proposal for a global minimum tax is being scrutinised by businesses in Hong Kong, where a range of concessions allow some companies to lower their effective rate below 15 per cent.

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Hong Kong is regarded as Asia’s No 1 tax haven. It could be in for change under plans for a minimum global corporate tax rate. Illustration: Joe Lo
Inside Out & Outside In

Inside Out | Why the new global tax regime is unlikely to be clear, simple or good

Meant to extract more tax from the world’s richest multinationals, the proposed tax rules are already being strangled by talk of caveats and carve-outs. In short, the new rules would probably make little difference to total government revenues.

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G20

G20 to warn of coronavirus risks amid ‘great divergences’ in recovery

A Group of 20 draft statement says policymakers are far from ready to give the all-clear signal on the pandemic and pledge ‘to use all available policy tools for as long as required’

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