G7 countries agree ‘historic’ deal to tax tech giants

Details

Written by northsouth

Category: Business-Commodities-Banking

Published: 05 June 2021

Hits: 865

LONDON - The British Chancellor of the Exchequer Rishi Sunak (minister of finances and economy) has hailed a “historic” decision by G7 countries to agree a global base rate of corporation tax and reforms to the tax system aimed at targeting online tech giants.

Following two days of talks in London with G7 finance ministers, including colleagues from the US and Germany, Rishi Sunak announced that they had signed up to having a corporation tax rate of “at least 15%”.

Changes will also be made to ensure major corporations, especially those with a strong online presence, will pay taxes in the countries where they operate and not only where they have headquarters.

The new policy is thought to be aimed at the likes of tech giants Amazon and Microsoft.

Speaking after a meeting at Lancaster House, the Chancellor said: “I am delighted to announce that today, after years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system.

“To make it fit for the global digital age, but crucially to make sure that it is fair so that the right companies pay the right tax in the right places and that’s a huge prize for British taxpayers.”

Mr Sunak said he was “proud” of his colleagues, with Japan, Canada, France and Italy also part of the group, for working together to produce a deal that “finally brings our global tax system into the 21st century”.

Explaining the agreed tax reforms, a Treasury spokeswoman said: “Under pillar one of this historic agreement, the largest and most profitable multinationals will be required to pay tax in the countries where they operate – and not just where they have their headquarters.

“The rules would apply to global firms with at least a 10% profit margin – and would see 20% of any profit above the 10% margin reallocated and then subjected to tax in the countries they operate.

“The fairer system will mean the UK will raise more tax revenue from large multinationals and help pay for public services here in the UK.”

Officials said the decision to agree to a 15% minimum corporation tax would create a “more level playing field for UK firms and cracking down on tax avoidance”.

The Chancellor said there had been “huge progress” on an issue that had been discussed for almost a decade.

The agreement is due to be pored over in further detail at the G20 financial ministers and Central Bank governors meeting in July, the Treasury confirmed.

Agreement on a 15% baseline is likely to cause tensions with Dublin, with Ireland so far resistant to raising its corporation tax rate above 12.5%.

Labour lamented that the G7 did not push for a higher base rate after US president Joe Biden had initially called for a 21% minimum, which the party estimated would have raised an additional £131 million for public services.

Shadow chancellor Rachel Reeves said: “This Government must now show leadership, push for a 21% rate in negotiations, and use the money to fund our schools and our NHS.”

Pro-free market think tank the Adam Smith Institute said Mr Sunak had effectively tied his own hands while handing “power over our taxes to Washington’s demands”.

Deputy director Matt Kilcoyne said: “These proposals are not in the UK’s interest and Rishi has sold Britain short.

“Rishi Sunak’s flagship policies of super deductions and free ports are dead in the water. The Chancellor’s own policies, scuppered by his own hubris.”

Thomas Tuchel confirmed as new England manager

Details

Written by Super User

Category: Sport

Published: 16 October 2024

Hits: 853

LONDON - Thomas Tuchel has been confirmed as Gareth Southgate’s permanent successor as England’s new manager and will start his role on 1 January after being handed an 18-month deal.

The Football Association’s pursuit of the former Chelsea, Paris Saint-Germain and Bayern Munich manager was kept a closely guarded secret by all parties involved in negotiations. Tuchel, who has followed Sven-Göran Eriksson and Fabio Capello to become the third foreigner to take charge of the senior men’s team, signed his deal at the start of last week and word of his appointment did not break until after England had faced Finland and Greece in the Nations League.

The deal will take the German into the 2026 World Cup, where he will be expected to lead the men’s team to silverware for the first time since 1966. Tuchel will earn around £5m a year.

Lee Carsley, who took over as interim manager after Gareth Southgate resigned in the wake of England’s defeat to Spain in the Euro 2024 final, took charge of the Finland and Greece games. The FA did not want the situation with Tuchel, who will be assisted by his close ally, Anthony Barry, to distract from England’s preparations for the international break.

Carsley caused uncertainty by saying that he would “hopefully” be returning to his job as the Under-21 set-up after England slumped to an embarrassing defeat to Greece at Wembley last Thursday. Confusion was caused by his inconsistent answers over whether he wanted to succeed Southgate. In reality Tuchel, who fits the remit of a world-class coach with a history of winning major trophies, had already taken the job. Carsley will step aside after next month’s Nations League games against Greece and the Republic of Ireland

The FA had previously made an approach to the Manchester City manager, Pep Guardiola, who is out of contract at the end of the season. Unlike Guardiola, Tuchel is ready and available now. He has been out of work since leaving Bayern at the end of last season. The 51-year-old, who led Chelsea to the Champions League in 2021, departed after a disappointing campaign saw Bayern’s dominance of the Bundesliga fizzle out.

Tuchel spoke to Manchester United about replacing Erik ten Hag last summer only for talks to break down. Ten Hag has remained under pressure and there was a chance of United returning to Tuchel. The FA have moved quickly to get their man.

Tuchel quickly grew to enjoy working in England after joining Chelsea in January 2021. He brought the best out of several of Chelsea’s young English contingent and was an assured, insightful communicator with the media. He followed his triumph in the Champions League by leading the Stamford Bridge club to the Club World Cup and European Super Cup. But his time at Chelsea turned sour after the club were sold by Roman Abramovich in 2022. Todd Boehly and Clearlake Capital sacked Tuchel six games into the 2022-23 season.

The former Borussia Dortmund manager has yearned for a return to England, though, and his tactical acumen convinced the FA to go for him over homegrown managers. A plus is that Tuchel developed a strong relationship with Harry Kane after bringing the England captain to Bayern last year.

“I am very proud to have been given the honour of leading the England team,” said Tuchel. “I have long felt a personal connection to the game in this country, and it has given me some incredible moments already. To have the chance to represent England is a huge privilege, and the opportunity to work with this special and talented group of players is very exciting.”

Mark Bullingham, the FA’s chief executive, led the process with the technical director, John McDermott. “We are thrilled to have hired Thomas Tuchel, one of the best coaches in the world and Anthony Barry who is one of the best English coaches to support him,” Bullingham said. “Our recruitment process has been very thorough. Before the Euros we had a contingency plan and outlined exactly the qualities we would be looking for in a coach.

“Since Gareth resigned, we have worked through the candidate pool, meeting a number of coaches and evaluating them against that criteria. Thomas was very impressive and stood out with his vast expertise and his drive. Anthony is a top English talent and also has international experience with Republic of Ireland, Belgium and Portugal.”

Morocco plans to build world’s biggest football stadium to host 2030 World Cup final

Details

Written by Super User

Category: Sport

Published: 22 August 2024

Hits: 794

By LUKE EDWARDS

RABAT - Plans to build the world’s biggest football stadium, which may host the 2030 World Cup final, have been revealed with the release of spectacular images of the proposed site in Morocco.

The venue would be the jewel of the crown in the joint bid to stage the competition from Morocco, Portugal and Spain. The stadium, one of the most high spec sporting venues on the planet, would have a capacity of 115,000.

Designed by Paris-based architects Oualalou + Choi and renowned stadium construction firm Populous, it is said to draw “inspiration from the traditional social gathering of Morocco known as a “moussem”, with the stadium structure set under a grand tented roof that emerges as a dramatic intervention in the forested landscape.”

Three steep, tiered stands will hold 29,500 spectators and there will be five levels of hospitality and corporate seating that can accommodate 12,000 guests and VIP visitors in the Royal Box.

The tented roof will constructed using aluminum lattice and the stadium will be surrounded by gardens, giving the impression that it is a huge oasis in the desert.

Populous has built some of the most world’s impressive sports stadium, such as Tottenham’s new home and Wembley, both in north London, the Accor Stadium in Sydney, the Aviva Stadium in Dublin and Olympique Lyonnais’ Groupama Stadium and training centre in Lyon, France.

Christopher Lee, managing director at Populous for the EMEA region, said: “We are very proud to work alongside our partners Oualalou + Choi on this incredible project. The Grand Stade Hassan II will be a truly iconic, landmark venue for Morocco and for football itself, that will become one of the great stadia of the world.”

Tarik Oualalou, Design Principal and founding partner at Oualalou + Choi and lead architect for the project, added: “The Grand Stade Hassan II is deeply rooted in Moroccan culture, with its traditions and contemporary expressions.

“It is rooted in ancient and primordial figures: the Moussem, the tent and the garden, as well as the topography and landscapes of Morocco.

“It’s a generous space, open to the world and respectful to the nature it protects. The Grand Stade Hassan II de Casablanca is the embodiment of the great tradition of Moroccan hospitality.”