FUKUOKA, Japan (Reuters) - Group of 20 finance ministers agreed on Saturday to push ahead on compiling common rules that will close loopholes that global technology giants such as Facebook use to reduce their corporate taxes, a copy of the bloc’s draft communique obtained by Reuters showed. US Secretary of Treasury Steven Mnuchin (R, on podium) delivers a speech during the G20 Ministerial Symposium on International Taxation in the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka on June 8, 2019. Toshifumi Kitamura/Pool via REUTERS Facebook, Google, Amazon, and other large tech companies have come under criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer, practices seen by many as unfair. The new rules mean higher tax burdens for large multi-national firms, but will also make it more difficult for countries like Ireland to attract foreign direct investment with the promise of … [Read more...] about G20 agrees to push ahead with digital tax: communique
Uk corporate governance code
The appointment of Henry Pearson to the Department for International Trade provoked a lot of debate among security friends and colleagues, namely do we need a cybersecurity ambassador?If you take the conversation we had in the office, it wasn’t a quick answer. Far from it. We discussed skills, innovation, competition. But there was an agreement that it doesn’t matter which way you look at it, Britain needs to create new export channels, and hit the well-publicised 40 trade deals ahead of Brexit. We can see why cybersecurity is a prime candidate for the strategy - the Government certainly has high hopes anticipating we will be exporting £2.6bn of UK cyber security by 2021. Studying the UK’s Cyber Security Export Strategy, the DIT is planning on acting as “trusted advisor to support UK companies bidding for major opportunities, primarily selling to overseas governments and Critical National Infrastructure (CNI) providers.”It makes sense to help … [Read more...] about Does the UK need a cybersecurity ambassador?
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... DEVELOPING... Story will be updated as new information can be verified. Updated 6 times AlertMe LONDON — Facebook, Google, Amazon and Apple are once again being cast as monopolies that have become too powerful for society’s good, a recurring theme that’s increasing the pressure to rein them in. A 150-page report commissioned by the British government depicts big digital companies in search, social media, advertising and e-commerce as threats to competition, innovation and personal privacy. Meanwhile, the music streaming service Spotify filed an antitrust complaint in Europe against Apple, accusing it of stifling competition through its control over the iPhone’s operating system and app store. Wednesday’s dual attacks provide more fodder in a worldwide debate … [Read more...] about Big tech companies cast as monopolies in UK government study
The majesty of Moscow is no secret, but relatively few Westerners have had the chance to get to know it up close. Fulfilling a longtime dream, a team member recently had the special opportunity to see and explore Russia’s larger-than-life capital. He returned telling us of the awe-inspiring Red Square, the Kremlin’s looming presence over the city, and the opulent beauty of the capital’s many colorful, gold-hatted Orthodox churches glittering in the sun. But besides being stunned by Old Moscow, he had a great deal to say about New Moscow, and the vibrant community of young, engaged and open-minded tech enthusiasts breathing life daily into its startup ecosystem. Here be gadgets Not here exactly, but on our new hardware site Plugged. Here Despite U.S. and E.U. economic sanctions, Inc Magazine last year voted Moscow the second best-performing city in the world for fast-growing private enterprises by. And, as my colleague’s many meetings with Moscow’s … [Read more...] about An entrepreneur’s guide to Moscow: Scaling between the golden domes
The government shutdown dominated the news these past weeks, but far more consequential were proposals floated by newly minted presidential candidate Elizabeth Warren and freshman Representative Alexandria Ocasio-Cortez to significantly raise taxes on the very rich. WIRED Opinion About Zachary Karabell is a WIRED contributor and president of River Twice Research. Their plans are not the same: Ocasio-Cortez aims to raise the marginal tax rate to 70 percent on income above $10 million (which would affect only 0.1 percent of US households). Warren, on the other hand, has suggested a novel “wealth tax,” which would tithe the net worth of the very rich at 2 percent for assets above $50 million, and 3 percent for those with more than $1 billion. Estimates are that Warren’s tax could generate $2.75 trillion in revenue over a decade. Both plans, as well as variants being suggested by other Democratic presidential hopefuls such as Kamala Harris, would impact the denizens of … [Read more...] about Why Taxing the Rich May Not Save Democracy