The global pandemic, sustainable economic recovery, and international taxation published by ICRICT (2020).
“The global pandemic has led to major structural increases in public expenditure to support health, incomes and employment. But the economic burden must not fall disproportionately on disadvantaged groups and countries.
Reductions in corporation tax ‘to stimulate reconstruction investment’ will be neither economically effective nor socially desirable. Rather, corporate tax systems should be strengthened by accelerating truly inclusive international cooperation on base erosion and minimum rates, and by making the system more progressive, which will require increased transparency of multinationals and offshore wealth.
In consequence, responsible governments should:
THE GLOBAL PANDEMIC, SUSTAINABLE ECONOMIC RECOVERY, AND INTERNATIONAL TAXATION
i. apply a higher corporate tax rate to large corporations in oligopolised sectors with excess rates of return;
ii. set a minimum effective corporate tax rate of 25% worldwide to stop base erosion and profit shifting;
iii. introduce progressive digital services taxes on the economic rents captured by multinational firms in this sector;
iv. require publication of country by country reporting for all corporations benefitting from state support;
v. publish data on offshore wealth to enable all jurisdictions to adopt effective progressive wealth taxes on their residents and to be able to better monitor effective income tax rates on highest income taxpayers…”
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