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The G7 won't be able to make a decision on behalf of the world! Why do companies already register their ships in Panama or hide their money in the Cayman islan
by lbriner 5y ago
The G7 won't be able to make a decision on behalf of the world!
Why do companies already register their ships in Panama or hide their money in the Cayman islands? (Other havens are available)
Because these countries have decided they would rather have the income than agree that what they are doing is somewhere between morally dubious and completely ammoral. It is easy to point the finger though, some of these places probably don't have many other ways of making money...
- ko27 5y agoRead the article again. G7 countries will collect tax difference that international companies avoided paying in tax heavens. Thus deincentivising companies from even doing buisness there.
- fabbari 5y agoYes, they will - as they did with Swiss bank secrecy [0]. It's actually quite simple: if you want to do business with the G7 countries - with close to 40% of the world economy [1] - you follow their rules. While 60% is a lot, it's a much different blend of markets to work with - hundreds of other countries, legislations, etc. - and it would be a much larger effort to cover. So: wether I like it or not the truth is: if the G7 countries agree on something, other countries will follow. [0] https://www.reuters.com/article/us-swiss-secrecy-idUSKCN1MF13O https://www.reuters.com/article/us-swiss-secrecy-idUSKCN1MF1... [1] https://www.nationmaster.com/country-info/groups/Group-of-7-countries-(G7) https://www.nationmaster.com/country-info/groups/Group-of-7-...