Commentary
Society
Unlocked
The Means Of Destruction
28 November 2023
Taxing may be the most important outcome of the COVID-19 crisis. More protectionism, new value chains, quantitative easing and new taxes through the EU could be the new normal of 2020.
Recently France, Poland, Scotland and Denmark ruled out coronavirus aid for tax-haven businesses. In the midst of the pandemic and the need to stimulate the economy maybe its time for new taxes on EU level.
France and Germany want to create a common financial scheme with revenue coming from member states but taxes could be better in creating a true independent budget.
New data from Gabriel Zucman published in April 2020 shows that about 40 per cent of the profits of international corporations – 700 billion dollars – go to tax havens every year. This reduces global corporate income tax (CIT) income by almost 10 per cent – equivalent to $200 billion dollars.
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