https://www.scmp.com/rss/507979/feed José Antonio Ocampo is Professor at Columbia University, and Chair of the Independent Commission for the Reform of International Corporate Taxation (ICRICT). He is also a former finance minister of Colombia and executive secretary of the UN Economic Commission for Latin America and the Caribbean. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com In recent decades, the availability of preferential tax regimes and tax havens has deprived governments worldwide of huge amounts of revenue. According to the EU Tax Observatory, multinational corporations shifted US$1 trillion – the equivalent of 35 per cent of all the profits booked outside their headquarter countries – to tax havens in 2022. Meanwhile, super-rich individuals faced very low effective tax rates, equivalent to just 0-0.5 per cent of their total collective wealth. The problem is... https://www.scmp.com/opinion/world-opinion/article/3272909/how-global-tax-negotiations-can-improve-fairness-and-transparency?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3272909/how-global-tax-negotiations-can-improve-fairness-and-transparency?utm_source=rss_feed Fri, 02 Aug 2024 08:30:12 +0000 The July 1 agreement by 131 jurisdictions to establish a global minimum tax rate of at least 15 per cent for multinational corporations (MNCs) and reallocate taxing rights is a step forward. But the deal as it stands represents another missed opportunity to deliver an equitable outcome for developing countries. It is good that multilateral efforts to reform global taxation are back in favour. This is largely because US President Joe Biden’s administration wants to end the race to the bottom in... https://www.scmp.com/comment/opinion/article/3140280/how-secure-fairer-tax-deal-world-not-just-rich-countries?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3140280/how-secure-fairer-tax-deal-world-not-just-rich-countries?utm_source=rss_feed Thu, 08 Jul 2021 08:30:19 +0000 It is a good bet that this year’s US presidential election will be long remembered. Not only because it took days for the result to become clear, and because, for the first time, a woman, Kamala Harris, was elected vice-president. But also because the winner, Joe Biden, did something almost no other major presidential candidate has done on the campaign trail: he promised to raise taxes. Defying the certainty of those who insisted that this promise is the best way to lose an election, Biden... https://www.scmp.com/comment/opinion/article/3111252/how-bidens-victory-paves-way-global-corporate-tax-rate?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3111252/how-bidens-victory-paves-way-global-corporate-tax-rate?utm_source=rss_feed Wed, 25 Nov 2020 19:00:11 +0000