Skip to main content

tv   [untitled]    November 1, 2021 10:30am-11:01am AST

10:30 am
then was your customer so happy knowing that the flowers will end on their home alter as an offering for the loved ones who were adamant upon the mortlock is made for the funeral clown, for bread gullets, the red bread, fruit, apple tangerines, bananas, and whatever our loved ones like the most money, no thought those had been almost up on the waiting or setting the altar on the 31st . because that night is when the dead children come to visit their families from the 31st or the 1st of november. and then the grown ups visit the doctor, the 2nd of november, the middle, this boy that gave them a low for in the after that we pick up the doctor and we are the living and the beating all of the offerings of the celebration. ah, this is out there and these are the top stories. world leaders are arriving in glasgow for the annual climate change conference, which is said to kick off in the coming hours of agreed to take greater action to
10:31 am
limit global warming ahead of a crucial climate summit. bus one world leader who will not be in glasgow is chinese president. she should ping katrina, you has more from beijing present. she's in pain. has not travelled since the beginning of the corona virus outbreak earlier last year. but that stamp and a lot of herbs, china will make further concessions when it does come to climate change. now that doesn't mean that has been no movement or china's climate and voice sion while has said that china is making all efforts to increase the likelihood that it can meet its climate targets. changing thing himself has spoken widely, most recently at a by diversity conference about the need to invest more in wind solar hydropower. china is also investing in nuclear energy expanding the building of nuclear power plants. nepal continues to struggle after several days of flooding and devastating land sides. more than 220 people have been killed and homes and crops have been
10:32 am
destroyed. the government has promised to provide a to the victim families. japan prime minister has declared victory off to the ruling coalition. one majority in national elections for me. ok sheet. it says the l. v p has one a very tough election after his party held on to their single palsy majority. yelman's information minister says through the rebels have killed thousands of civilians in the city of morrow. 29 people were injured or died in an asteroid. who these began the push to take control of the oil, which province in september of australian families, reuniting off the 18 months foreclosures fully vaccinated just radians and now being allowed to return home without having to parenting australia. introduce some of the top of photo restrictions. now, you as the headlines one use on al jazeera right off the inside story, i'll see shortly. bye bye, for now. on counting the cost, billions and losses, bankruptcy and bailouts. when will the airline industry recovery begin?
10:33 am
washington's diminished influence in latin america. tesla becomes the 1st one trillion dollar automaker where the disruptors in the truck industry counting the cost on al jazeera, the world's biggest companies are told to pay their taxes. g 20 leaders approve a global minimum rate of 15 percent. but will this be enough to prevent tax dodge and who will benefit this is inside stored? ah. hello and welcome to the program. i'm how much am jerome? tax avoidance has long been a controversial practice in global business. multinational firms make money in $1.00 country and move their profits to another, where they can pay little or no corporate tax. the world's largest economies are
10:34 am
trying to stop this. leaders of the g 20 have endorsed the plan to force the world's top $100.00 firms to pay taxes in the countries where they operate. and they've agreed on a minimum rate of 15 percent. the deal followed discussions between $140.00 countries earlier this month led by the organization for economic cooperation and development. we understand the countries around the world, including the u. s. the now has to work on the implementation of this deal. so did domestic processes. i'm your confidence at the u. s. and countries all around the world that have signed on to this to who will now seek to implement it swiftly and in good faith. but you know, that's no model for the, the domestic processes in all those jurisdictions that have signed on. ireland was one of the last countries to agree to the 15 percent corporate tax rate. it's low taxes, encouraged firms like google, apple,
10:35 am
and facebook to set up their european headquarters there. but kenya, nigeria, pakistan, and sri lanka rejected the agreement. kenya said the plan makes it hard for its government to collect levies from multinational tech giants. while nigeria says 15 percent is too low. ah. all right, let's bring in our guess in dublin, richard boyd, barrett and irish politician and member of parliament for people to for profit in boucher mustafah and dodgy will executive director of the african center for tax and governance and and bill bow. susanna ruiz, rodriguez oxfam internationals, tax justice, lead a warm welcome to you all, and thanks so much for joining us on the program today. susanna, let me start with you today. oxfam has said that the o e. c. d tax deal is a mockery of fairness. why was deer level or some be shown with said this deal after almost a decayed negotiation was very high,
10:36 am
it was supposed to be ending the rest of the bottom, facts, competition between countries he was supposed to and those are the profit shifting to that 7 and he was supposed to be raising additional significant additional revenue for a lot of countries. this is not going to be happening. is a deal for rich countries between beach countries. and most of their additional revenues will be limited to those countries, especially g 7 and will be at once. so that's why we are disappointing because after such long negotiations, what we have been as seen under under as an outcome, he saw what was expected, especially for developing countries. that must offer of course, not all countries or we're happy about this deal. why does nigeria reject the agreement? so do you ever get in the deal for a few reasons why is largely on the vessel? so as you know, the threshold required that multinational companies that are not the scope of wine
10:37 am
have to have a global minimum, a global revenue about 20 be on years. and even beyond the global revenue. 20000000000 years you profitability has to be as low as 10 percent as a father requirement to be local about 1w1w years. and you see that we did about 100 companies only fall under the special, which means most of these countries, most of these companies want to bring in and that you will not be able to get revenue. that is one. secondly, the issue of dropping all the unilateral measures, for example, i drive over already walking into significant climate bread in which brings in all non resident companies operate in including both digitalized non non highly digitalized companies. so starting on to deal with reduce threshold,
10:38 am
scope means that job be given away and not a revenues. and i think that the dog teen on the under the pillow and that is a consent. and that is that there is a monday to be binding these big resolution back because so if there is any dispute and then you ask the ask to be done at the international level, not a domestic level. and this sort of names you added to advantage. i think lastly, one of the main issues that i like that is that the reach the 15 percent global minimum factory that i've read because nigeria already has a corporate income tax by 30 percent, although it's monday a tax rate. however, what we see is 15 percent is already the threshold, the level so many developed countries are allowed already around that rate. so if, if the deal is supposed to be fair and it should be, should go across all countries. it's not looking like it's fair to you and other
10:39 am
countries. and the big question is, if nigeria can rely on time because of these read. and i'm wondering why other countries i'm finding difficult to understand the reason why article, but you already would have been going to say, richard, ireland, of course, has tax rates that are so favorable. they attracted the likes of apple and google. how was the country finally convinced to come aboard with this plan because they were a hold out for a long time? well i, i think it, yes, the irish governments. huh. now, i mean, we're a minority voice and saying this for a long time, but said the article and, and most of the arch political establishments really played a central role in leading the race to the bottom globally, in terms of reducing the amount of tax that these incredibly profitable companies are paid and they have stubbornly resisted any
10:40 am
a corporate tax reform and held out to the very last moment even on the 15 percent at which would be an increase on the very, very low level of 12 and a half percent that's currently charged an ard and, but i mean one of the points i make and it bears out the skepticism of your other guests. is that 12 and a half percent, which was already a pitifully low level of toxic to impose on these companies was never paid an ardent at the actual race was a fraction of that because of a whole range of lu poles, tax reliefs, allowances, and the use of creative accounting by these companies through various subsidiaries . so i would be very, very skeptical that this deal is actually going to achieve any kind of increase in the actual effective regs of tax paid at by these companies. and i would absolutely echo the anxieties that your other guests have articulated. and i think much of the
10:41 am
motivation at all, some of the bigger, older western economies was not so much to deal with the terrible inequity that results from these companies paying little or no tax, but was more a buy particular countries being jealous of each other in terms of how much of the revenue they got. so then i saw your react and quite a bit to what richard was saying there looked like you wanted to jump in. i also wanted to ask you from your perspective, what would the global minimum tax rate need to be for this to be an acceptable deal? let's 1st look what rita was saying. i agree because everybody's looking there are the 15 percent which is already low. but in fact, the, the, the real affected specs rate will be much lower than that. and we'll see what near ireland is going to negotiate not now, or when the implementation of this sir global deal will come to the european levin is going to be tough. read here and especially on on that. so what we would expect in is it will really want to 5 tar ah,
10:42 am
the race to know about that. we will really want to ensure additional revenues below 25 percent. it would be impossible as effective x ray does. what does some experts make there? e craig did the national commission under philadelphia international corporate taxation have been seen with people. i go to the steve. this was our getty at we need a higher rate because that's the time for doing that. we've seen the case so far have back somebody shouldn't been. countries we've seen decayed, suffer, artificial puffy, chipped into deck 7 with companies begging close to zito. this is that i am to have an effective tax rate. that reading is sir on. yeah, average the what as cities i'm sort of begun under other inc. almost most of i just want to talk about some of the other concerns that you and other countries may have . i mean, it is one of those worries that you would have these countries making rules that would impact other countries say, developing countries or poorer countries in ways that are the countries who are
10:43 am
making these rules are taking into consideration. definitely one is what i mentioned, the natural measures that i've been without, if you sat on to do feel like i mentioned that you are already working on the present rule and to try to get that implemented. so the already on the way to do that now come to the deal that says, you know, abandon all these, but then we just give you a fraction of potential potential revenues. and then another issue is that the, for the global minimum tax rate. so, so one of the condition is that if, if, for example, in a, you out the, you talk to some multi nationals below the 15 percent effective tax rate. what happened is that portion that is not tax will actually go to the headquarters, most likely going to be countries. so at the end of the day, the revenue is going to go to the revenue when i do it with some of these companies
10:44 am
. and i think the major problem is that these deals done in a very, very fast and done in a rush, right? the countries don't have enough time to, to think through these items, for example, but just on initially agreed. but then later when you have time to look at these, you know, we're not, we're not going to hang on to the so on the issue that i think the needs to be looked at. richard, i'm looking forward. i want to talk about some of the potential hiccups that could come up here is the you going to be able to push this tax reform into law. and if so, when can you expect that to happen? what's the timeframe we're looking at? and i mean, the timeframe they're talking about for implementation is as the 2023 i will they be able to. i mean, i'm really not sure. i think it depends
10:45 am
a lot on if you like the political pressure that we can exert. i mean, the one positive thing i will say is that it opens hill bellows. until recently, the irish government wouldn't have countenanced any change in the irish corporate tax regime and were bitterly opposed to even at the you know, the very, very modest changes that we're talking about under this younger as we've discussed, completely inadequacy and process. so they are under pressure, and i think the big global multi nationals are under pressure, but we got to keep that pressure all added to make sure that we get real reform where there is and at, you know, a genuine mood to make these corporations paid our fair share of a pair, fair parish at fair share of talk should i say, are at, but the, i mean, i am deeply concerned because you see even how you calculate what is a profit is
10:46 am
a huge problem. i mean, one of the features of the assist the situation in ireland where corporations were supposedly paying 12 and a half percent, but actually were paying on average like about 5 percent. and in many cases, much, much less than that was that much of their tax was written off against various allowances and moved to other subsidiaries. so what we're actually profits through creative accounting were deemed to be costs. so they never came into the scope of taxation. and i would be deeply concerned unless we have a genuinely affected increase in the race. and these companies will find ways through loopholes around paying any additional attacks at all. so we'd really got to hone in that detail insist that there's a really affect increase in the, in the raise of tax. and others affairs, allocation of the tax revenues to the countries that are bring absolutely robbed.
10:47 am
and particularly in africa, the middle east developing world for whom this deal is woefully inadequate. this is anna. i saw you nodding along to lot of wood, richard was saying, did, did you want to jump in? did you want to add to that? and then the european union has a big shot as on the desk supposed to be present in a proposal very shortly before the end of the year on the plot. so, but now this issue had to get a better level of taken on taxes in by unanimity. and again, ireland can play a role in that making things easier, just the opposite that mm hm. and going to be the young, the country. so what we see that indiana must under this is from the level of ambition in there in all this globe ideally said by what is negotiated on or in both in a way they countries like the u. s. because he needs to pursue congress, met in the us and also by the level of ambition, a country like ireland what this acceptable. but i love because i will have an implication on the good of man. there is nothing like a global, purely multilateral process is nothing like to the deal that was supposed to be
10:48 am
there to, to provide her with the fairness for developing countries. he said that he said just a concession to summer di kevin sent to some be the economy. isn't that what is acceptable for to the business big business and those economies must suffer our poorer countries eventually going to be pressured into joining the system? yes, i mean like we've seen already. so i read the question earlier, why developing some developing countries? and the reason is, so sometimes this is beyond technical, they're largely each issue. so in most countries in africa, finding the disconnect between the political and technical side of things. so the major final me may recommend that a deal is not good. but if you have trade deals, investment deal at the political level, they will just sign this thing done and it's not significant impact then. that's why i said it's, it's, it's really, really confusing. why any,
10:49 am
any developing countries, any african country will say that. but what i can say is that it's, it's not binding other than any country that realizes that this deal is not good for them. but it's still, it's still not late for countries to, to pull out just like pakistan. they know they're not, they're not, they're not interested in the deal. it's not fair. richard, of course us president joe biden. he's really been driving this. he's been championing this agreement and pushing this. he considers this to be a win for his administration, but it seems as though not all us law makers are on board with it, at least not yet. if he encounters significant resistance in the u. s. congress. does that imperil this deal overall? yes, i would say on dot's italy. it dot's and i mean obviously i think there's one part
10:50 am
of the political system in united states who see that if you like, you know, the u. s. revenue is beings seriously. de, please. it by the tax avoidance strategies. all of these companies, but there is others who are really mouth pieces for those multinationals, and don't want to see them pay their fair share of tax. so yes, i think it would in perilous. i mean, i don't believe as bad as the deal is. i don't believe the irish government, whoever it really acted as champions of tax piracy and operated as a tax haven. i don't think they would have even gone along with it. did this minimal deal if it weren't for at the pressure from the biden administration? so i think it would seriously jeopardize as i would, as we discussed. i mean, even if the deal is agreed it's so minimal, it's very questionable what difference it would make. and i think we really certainly what i would be arguing here is das, at yes at we should have
10:51 am
a minimum affected rage at, but it has to be a genuinely minimum effective rate. and it should be a lot higher than it currently is. i mean, it's an absolute scandal that the cleaning woman, a in google in dublin pays a higher proportion of her at meager income in tax than the company she works for, that he's making billions and billions of europe in profits every year. i mean, it's an absolute scandal. at the very least, these corporations should be paying the same level of taxation that the ordinary worker has to pay on there and much less her income susanna. and everybody on the panel seems to be in agreement to day that the deal doesn't go far enough. um let me ask you this. is this going to make it any more difficult from your point of view is, is going to make this emmy more difficult for multinational corporations when it
10:52 am
comes to evading taxes. i think it's going to make a difference. only one use in does he got back servants. so what we are doing is changing them using disease like servants, florida shifting artificially shift employ, fits toward now another nature that it's, they're not even 15 percent as we were saying, but below 15 percent. and as a reality, we just made a concession to something that is well below. i mean, it's better than what we have this dental school, but really far from the, the overhaul of the system that we were promised and fired from the opportunity we could be reaching after the gate and the gate. and they gave so fair tax competition and, and, and, and uses of like 7. and we've here, we've seen us another and they go for offer backs leaks, or we said that up a but it in different via the and this is affecting everybody's like a for. so we have good companies operating from those that haven't done will have an impact in their, in day 2. they live in the, in the way, does that seem sad, are distributing how the front it's on those acts in ada located. so this is just
10:53 am
not acceptable at this, sir, at this moment. that should me impossible than the derb keep 20. unacceptable did she? 20 is kind of historic. this low, low, low level of foundation must suffer. what do you think is this deal added core going to be enough to prevent at least some tax dodging in the future? or are there just going to be too many loopholes that can be exploited? so it's difficult to, to answer this question. because when you, when you, when you talk about the fairness and it's fair or unfair, right? so i'm reluctant to, and in the way that it looks like there's some, some, some sort of a fairness by looking at it from, from an efficiency perspective. the fact that if a minimum tax rate global minimum tax with works, that will be we will, we will get rid of 0 tax jurisdiction. yes,
10:54 am
that seems like lag like a step forward. however, the implications regarding developing countries and how some of these revenues that are supposed to be saved, we'll still go back to the blue countries. that remains an issue. richard, how much is this agreement kind of forced tax havens like ireland to rethink, to restructure their economies? what, what goes into this now? well, you see, that's a very good question. and that, you know, i mean at one level, the irish at stacey are physical establishment have got a benefit from this because a rabbit, even though they're very low levels of tax, the sheer volume of profits booked in ireland have meant they have got attacks, a boon from it to some extent. and of course there are some real activities in terms the headquarters of some of these organizations here, but i having real employment here. but the problem is that it is made the irish
10:55 am
economy extremely vulnerable and because it is so dependent on a small number of firms. so the irish eco growth figures are absolutely out of sync with the actuality of the irish economy. and it makes those terribly vulnerable, and i certainly have been arguing for a long time, we need to diversify the irish industrial model away from this incredible dependence on being attacked. hayden, on a tiny number of multi nationals, both the irish and major political parties in ireland. are seen very much where it is at to that dependence and essentially to that low tax at models. so it's very much in play. but the one thing i sort of welcome from this process is that i do think there is a light being shown on the absolute scandal of how little these multi nationals are paying and how the fact that they don't pay their fair share of tax is robbing ordinary people across the world of vitally needed at revenues for health care for
10:56 am
housing, for education. and so i welcome the fact that that is coming into view that the debate is opening up. but it's very uncertain how it's going to play. i'm not going to be a matter of politics, essentially, and winning the argument, and that it is fair and it is possible to make these corporations pay a fair share of tax towards, you know, the people who generate those profits across the world and towards the infra structure because, you know, i think an important point to make is the lack of investment in key infrastructure across the world. ultimately, it should be something these companies themselves see about you. and i mean we, we've had power outages recently in this country. we problems with the water infrastructure. those are repeated many other countries around the world. you know, in the end, even those companies won't be able to make profits if we don't have enough tax revenue to put in the vital infrastructures we need to sustain as society on. all
10:57 am
right, well we have run out of time, so we're gonna have to leave the conversation there. thank you so much to all of our guests. richard boyd. barrett mustafah and you will and susanna ruiz, rodriguez and thank you for watching. you can see the program again any time by visiting our website al jazeera dot com, and for further discussion, go to our facebook page. that's facebook dot com, forward slash ha. in science story, you can also join the conversation on twitter. our handle is at a jay inside story for me and how much i'm doing the whole team here pfeifer now. a world is experiencing unprecedented extreme weather record temperature is being set and glasses and i feel for deteriorating. busy falls whenever the quote running down world leave is amazing flaws. go in the u. k. in a bit to fresh out a deal to flash a mission to 4th to late follow the you and climate summit on al jazeera it's the
10:58 am
was. 2 most populous democracy, diverse dynamic, and undergoing moment to seen context, india dixon in depth. look at the people and politics of india. exploring how the cult 19 pandemic struck the nation. it's continuing impact and the lessons learned for the future. join me fade as those are for context india analysis either when this, when people need to be hide with clunking was founded on blood with exclusive interviews and in depth reports. if the families that are teaching each other, how to search, not really the authority, al jazeera, has teens on the ground, liquid rock being shot up into the air as well as chemicals. being released to
10:59 am
bring you more award winning documentaries and lied knees. i care about how you were engaging with the rest of the world. we're really interested in taking you into a play you might not visit otherwise. it feels that you were there. a fearless mexican journalist, sidelined for taking on a precedent under corrupt system, rolled by a single party for over 70 years. only to then establish an investigative platform, determined to break through a poisonous media landscape in search of justice. an epic saga of truth seeking and a refusal to be gagged. brady of silence, a witness documentary on out to sara. setting the discussions. what is greenwashing is when an oil company talks green but acts 30 unflinching journalism? are you committed to building a vibrant democratic afghanistan, sharing personal stories with a global audience? our ministers had no idea what happening on the shop floor,
11:00 am
but i could see the body bags explore and abundance of world class programming. climate change is another principle. if the issue of survival on al jazeera, ah, you ends comp $26.00 talks begin with wild lead is under pressure to find a way to avoid a climate catastrophe. ah, hi there. i'm kim vanelle. this is al jazeera live from dover, auto coming up from the landslides. cale more than 100 people in the pool where the latest on the rescue efforts, south africa holds local elections had about the same as the biggest test. yet for the holding a and c party families were united as.

5 Views

info Stream Only

Uploaded by TV Archive on