Apple, Amazon and Microsoft’s Mega-Million Con: How Titans of the New Economy Screw Us All on Taxes
‘Offshore tax havens enable not only individuals to dodge taxes—they also enable multinational corporations to do so. Often this tax avoidance is done within the letter of the law: multinational groups exploit the loopholes of current legislation. The fundamental problem is that the corporate tax is not adapted anymore to today’s globalized world and must be reinvented. The spiral is profound, but here, too, solutions exist.
The reason for the current failure is that the corporate tax is based on a fiction, the idea that one can establish the profits earned by each multinational subsidiary by subsidiary. But this fiction is no longer tenable today, because multinational groups, advised by great auditing and consulting firms, are in practice free to move their profits wherever they want, which is usually wherever it is taxed the least; and large countries have themselves mostly given up taxing the profits booked outside of their territory.’
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