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Sunday, July 4, 2021

On Thursday, 130 countries and jurisdictions in the 139-member Organisation for Economic Co-operation and Development (OECD) agreed to support an overhaul to the international taxation system that would introduce a global minimum corporate tax rate, committing most of the world’s economies to a two-pillar “solution”.

The states which agreed to the plan’s key components included regional divisions such as Gibraltar, Hong Kong and Montserrat, tax havens according to the Associated Press (AP) Bermuda and the Cayman Islands and all Group of Twenty (G20) countries, according to an OECD list, but not Barbados, Estonia, Hungary, Ireland, Kenya, Nigeria, Sri Lanka and Saint Vincent and the Grenadines. Peru also abstained, but due to its lack of government, reported The Guardian.

Those that have signed represent over 90% of global gross domestic product (GDP). A press release by the OECD called the framework the result of “negotiations coordinated by the OECD for much of the last decade” and criticises the “century-old international tax system” for being “no longer fit for purpose”. The plan was backed by United States president Joe Biden according to multiple sources, and comes after a similar Group of Seven deal on international taxation agreed on June 5.

The plan, officially the “OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting”, adopted a pillared approach. An implementation plan is to be finalised by October.

If implemented, the first would force multinational enterprises (MNEs) with global turnover exceeding €20 billion and profitability above 10% to reallocate tax on over USD100 billion in profit from their home markets to each market jurisdiction it derived at least one million or 250 thousand euros from, depending on its GDP. An OECD statement confirmed the threshold for affected MNEs under pillar one may change to those exceeding ten billion euros in turnover, dependent on the results of a review to be conducted in seven years’ time.

The second pillar consists of two “Global anti-Base Erosion Rules” allocating top-up tax of a minimum of 15%, and one treaty-based “Subject to Tax Rule” to be made effective in 2023.

The effects of both pillars, though dependent on the plan’s final framework, was estimated by the OECD to increase global corporate income tax (CIT) reserves by between 1.9 and 3.2%, or 50 and 80 billion USD. If including the existing US tax on global intangible low-taxed income, the growth of CIT reserves would be between 2.3 and 4%, or 56 and 102 billion USD. This would also protect against tax avoidance practices the OECD says costs countries between 100 and 240 billion USD in lost revenue per year, according to the AP.

The OECD also projects a “relatively small” negative effect on investment and activity equivalent to 0.1% of GDP in the medium- to long-term. Other concerns cited include the potential governments may lose the ability to use tax incentives for policy objectives, as well as the cost of ensuring compliance.

Countries opposed include Hungary and Ireland who have, according to Politico, sought lower rates to attract foreign direct investment, and have, in addition to Estonia according to the BBC, at least some corporate rates below the proposed floor of 15%. The Irish and Hungarian headline corporate rates stand at 12.5 and 9%, respectively, according to The Guardian, with Ireland standing to lose over two billion euros in the next four years according to Raidió Teilifís Éireann (RTÉ). A PricewaterhouseCoopers tax summary mentions a tax exemption on undistributed corporate funds in Estonia, in addition to instances where a 14% rate is applicable.

OECD secretary general Mathias Cormann said in the press release “this historic package will ensure that large multinational companies pay their fair share of tax everywhere”, adding while it “does not eliminate tax competition […] it does set multilaterally agreed limitations”.

Biden said the deal means the world is in “striking distance of full global agreement to halt the race to the bottom”, which US treasury secretary Janet Yellen described as a race “no nation” has won, according to The Guardian. Finance minister for France Bruno Le Maire called it the “most important international tax agreement in a century”, according to the BBC.

According to RTÉ, finance minister for Ireland Paschal Donohoe said while he “expressed Ireland’s reservation”, he remains “committed to the process” and assures the global community “Ireland will continue to play our part in reaching a comprehensive and, indeed, historic agreement”. According to Reuters, on June 9, Hungarian prime minister Viktor Orbán called the proposal “absurd”, and insisted the country’s low rates “is not meant to attract certain companies to declare their taxes here”, nor makes it “a tax haven”.

Venice, Italy is to host G20 finance ministers and central bank governors at a “G20 High-Level Tax Symposium” on July 9, according to the Italian Ministry of Economy and Finance.

Friday, November 3, 2006

On November 13, Torontonians will be heading to the polls to vote for their ward’s councillor and for mayor. Among Toronto’s ridings is Don Valley West (Ward 26). Four candidates responded to Wikinews’ requests for an interview. This ward’s candidates include Muhammad Alam, Bahar Aminvaziri, Orhan Aybars, Michele Carroll-Smith, Mohamed Dhanani, Abdul Ingar, Geoff Kettel, Debbie Lechter, Natalie Maniates, John Masterson, John Parker, David Thomas, Csaba Vegh, and Fred Williams.

For more information on the election, read Toronto municipal election, 2006.

Monday, March 30, 2009

First becoming famous in her native Ukraine in the 1990s, long-haired self-described “Amazon” Ruslana gained international recognition for winning the 2004 Eurovision Song Contest with her song “Wild Dances,” inspired by the musical traditions of the Hutsul people of the Ukrainian Carpathian Mountains.

In the five years since, Ruslana has decided to use her name and public status to represent a number of worthy causes, including human trafficking, renewable energy, and even the basic concept of democratic process, becoming a public face of Ukraine’s Orange Revolution and later serving in Parliament.

Currently, she is on an international publicity tour to promote her album Wild Energy, a project borne out of a science fiction novel that has come to symbolize her hopes for a newer, better, freer way of life for everyone in the world. She took time to respond to questions Wikinews’s Mike Halterman posed to her about her career in music and her other endeavors.

This is the fifth in a series of interviews with past Eurovision contestants, which will be published sporadically in the lead-up to mid-May’s next contest in Moscow.

Thursday, February 21, 2008

In Serbia’s capital Belgrade protesters have broken into the United States embassy, and have set fire to an office, which is now extinguished. The break-in followed massive protests against Kosovo’s independence that was declared last Sunday. A couple of hundreds of thousands protested in front of the parliament building in Belgrade when masked attackers broke into the building and tried to throw office-furniture out the windows. Estimations of a number of protesters vary between 150.000 and 2 millions.

Around 18:00, after the relay, a couple hundred rioters went to Kneza Milosa Street where the US embassy is located. At 18:15 they demolished a part of the embassy and burned it. They also attacked the Croatian embassy, which is around 100 meters from the US embassy on the same street. Around 19:00 police came and clashed with the rioters using tear gas. Riots were all over downtown Belgrade. As of 22:00 the situation was under control but there are still some riots in other streets.

The tear gas polluted a couple blocks, about 350 meters up to Vra?ar hill.

The nearby Croatian embassy was also attacked. Rocks were thrown at the Canadian embassy building. This could be due to the fact that Canada has not said yet if it recognises Kosovo. Embassies of Turkey, Bosnia and Herzegovina, Belgium, United Kingdom and Germany were also attacked.

One person was found dead at the ground floor of US embassy, around 150 people were injured, including 35 policemen. Around 100 rioters were arrested.

Dirk-Jan Visser, a photo-reporter for the Dutch newspaper NRC Handelsblad was attacked by rioters. People helped him escape, and he has been taken into hospital with broken bones. He is expected to be kept in hospital until the next day. Ambulances and medical cars were called to the scene to help injured people and protesters, some cars were attacked.

Andrey Fyodorov and Andrey Pavlov, journalists of Russia Today, were also heavily attacked during the riots.

Two McDonald‘s restaurants on squares Terazije and Slavija were attacked. The restaurant on Slavija has been heavily damaged. Kiosks, stores and banks were robbed all over the centre of Belgrade. The protesters tried to attack radio/television station B92 but police had the scene under control.

“As long as we live, Kosovo is Serbia,” Prime Minister Vojislav Kostunica told the crowd from a stage in front of the old Yugoslav parliament building in Belgrade, “We’re not alone in our fight. President Putin is with us”. A huge banner reading “Kosovo is Serbia” draped the front of the building.

In Washington, State Department spokesman Sean McCormack called out to the Serbian government to protect the U.S. Embassy. He said the U.S. ambassador was at his home and was in contact with U.S. officials.

The United States was one of the first countries, with the United Kingdom, France and Germany to recognize Kosovo as an independent state. Serbia however regards Kosovo as a province and is backed up in this by Russia, China and numerous other countries, including some European Union member states. Kosovo is 90% ethnic Albanian, with in the north a minority of ethnic Serbians. Belgrade has, however, not been in control over the Kosovo area since 1999, when United Nations took control.

High representative of the Serbian Radical Party, Aleksandar Vucic, said that “those who provoked Serbian people are equally responsible for destruction as rioters are.” President of Serbia Boris Tadic and President of the National Assembly Oliver Dulic and other ministers called on peace.

Saturday, March 14, 2009

Rico Daniels is a British TV presenter living in France who is known for his two television series — The Salvager — whilst he still lived in the UK and then Le Salvager after he moved to France. Rico has been in a variety of jobs but his passion is now his profession – he turns unwanted ‘junk’ into unusual pieces of furniture. Rico’s creations and the methods used to fabricate them are the subject of the Salvager shows.

Rico spoke to Wikinews in January about his inspiration and early life, future plans, other hobbies and more. Read on for the full exclusive interview, published for the first time:

Saturday, November 17, 2007

Jokela High School in Tuusula, Finland, scene of the Jokela school shooting, has recommenced classes. Earlier this month, student Pekka-Eric Auvinen, 18, fatally wounded eight people with his handgun before turning the weapon on himself in the country’s worst ever school shooting. He died later in hospital, having never regained consciousness.

All last week repair teams have been working to eradicate all traces of the event, with large numbers of bullet holes in walls and doors being filled in, broken windows and torn blinds being replaced, and total renovation of one corridor which Auvinen had attempted to set fire to.

Students had previously been permitted into the school last week, in order to collect belongings left behind as they rushed to evacuate the school. On Monday, the school’s 450 pupils began to attend temporary facilities set up at nearby Tuusula Primary School as well as the local church.

Tuusula spokeswoman Heidi Hagman told reporters yesterday that at first school days would be considerably shortened, adding “Today the students will spend time getting used to the renovated and repaired school area.

“Students and teachers are getting support from Red Cross crisis workers and psychologists during the first days of school.”

Esa Ukkola, head of education in Tuusula, spoke to reporters about the fact that students had been shown around the renovated school. “We need to show there is nobody lurking in the cupboards any more. We’re trying to have as normal a school day as possible. There are dozens of extra people to ensure we can do everything in small enough groups.”

The shooting has prompted public anger in Finland at the media attention directed to it, with a feeling that it undermines the placid reputation of the country. People have questioned the decision of a survey last month to designate Finland as the world’s “most livable country”. Psycho-social service manager Anna Cantell-Forsbom from nearby Vantaa has spoken out about her view that the shooting was mainly caused by a lack of psychiatric care available to the Finnish youth and therefore did not reflect on Finnish society. The shooting has also prompted a move by the Finnish government to raise the legal age for gun ownership from 15 years to 18 years.

Finland is expected to set up a commission of inquiry this week to investigate the murders. The government will set aside resources for the ministry of social affairs, health and education as well as the local municipality for the investigation. Meanwhile, local authorities have shown a four-year response plan to the government, asking for five million Euro to fund it. Half will go towards therapy and occupational guidance for affected residents, while the other half would go to school guidance counsellors, psychologists, school healthcare personnel and other experts. The ultimate goal of the plan is the complete recovery of those adversely affected by the shooting.