Donald Trump\u2019s threats to global tax reform have backfired, leaving the US isolated as nations push ahead with a new UN tax convention<\/p>\n
Donald Trump\u2019s Oval Office tirade on Friday<\/a> laid bare his instinct to harangue and bully those \u2013 even supposed allies such as Ukraine, fighting for its survival\u00a0\u2013 who dare to disagree. Countries pushing global tax reform at the UN will be watching as US demands for subjugation play out in plain sight. His day-one threat<\/a> to punish nations taxing US firms is an all-out attack on global fiscal cooperation. If multilateralism in taxation was already on shaky ground, Mr Trump\u2019s return could bury it for good.<\/p>\n Under discussion is a new UN tax convention that may permit states to tax economic activity where it actually occurs, rather than allowing multinationals to shift profits to tax havens. The Tax Justice Network (TJN) said last year that nations lose $492bn<\/a> (\u00a3390bn) annually due to corporate tax abuse. The global south bears the greatest losses, which undermine public services like health and education. If enacted, the convention would create a legally binding framework requiring multinationals to pay tax where they employ staff and do real business \u2013 not where they stash profits. This would replace the outdated arm\u2019s-length principle with unitary taxation, ensuring fair profit allocation. It would mean an end to Amazon<\/a>, Google<\/a> and Apple<\/a> putting billions through lower-tax jurisdictions while extracting wealth from higher-tax ones.<\/p>\n Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Donald Trump\u2019s threats to global tax reform have backfired, leaving the US isolated as nations push ahead with a new UN tax convention Donald Trump\u2019s Oval Office tirade on Friday laid bare his instinct to harangue and bully those \u2013 even supposed allies such as Ukraine, fighting for its survival\u00a0\u2013 who dare to disagree. Countries … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-34839","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/34839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=34839"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/34839\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=34839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=34839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=34839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}