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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.

Tuesday, May 29, 2007

War protestor Cindy Sheehan, the mother of fallen soldier Casey Sheehan who was killed in Iraq 3 years ago, wrote on what has been published by the Daily Kos as a personal web journal on Monday morning, a day in observance of Memorial Day in the United States, that “This is my resignation letter as the ‘face’ of the American anti-war movement.”

Her son Casey would have been 28 years old Tuesday. In what she writes are meditations upon developments in Sheehan’s life after she began a war protest that led her and a following of people to Camp Casey, beside the Texas ranch of President Bush in August 2005, included the notion that, “The most devastating conclusion that I reached this morning, however, was that Casey did indeed die for nothing. His precious lifeblood drained out in a country far away from his family who loves him, killed by his own country which is beholden to and run by a war machine that even controls what we think.”

In the text of Sheehan’s diary she is unable to reconcile herself with the Democratic Party that on Thursday, May 24, succumbed to the Bush administration on language for a troop funding bill that at one time tied funding to a time limit for U.S. involvement in Iraq. The presidential veto of that legislation to set a deadline for withdrawal of U.S. troops from Iraq resulted in the U.S. Congress caving to executive branch over the issue of war funding, and may have been the final straw for Sheehan.

“I am deemed a radical because I believe that partisan politics should be left to the wayside when hundreds of thousands of people are dying for a war based on lies that is supported by Democrats and Republican alike,” wrote Sheehan.

Sheehan said that she has spent every bit of money that she has received as compensation for the loss of her son from the U.S. government, and as a person who garnished speaking fees from the national attention on her campaign against the Iraq war, on trying to bring peace.

“I am going to take whatever I have left and go home. I am going to go home and be a mother to my surviving children and try to regain some of what I have lost,” wrote Sheehan.

Saturday, April 16, 2011

One year after the Deepwater Horizon disaster which caused the largest oil spill in the history of the petroleum industry and caused huge environmental damage in the Gulf of Mexico, experts have warned there are serious questions over the safety of deep water drilling as the United States government approves more exploration without improving safety measures.

Scientists have raised major concerns over repeated assurances from the industry and the government, who insist lessons have been learned from the environmental disaster in the Gulf of Mexico. Charles Perrow, a professor at Yale University, said the oil industry “is ill prepared at the least” to deal with another oil spill. “I have seen no evidence that they have marshaled containment efforts that are sufficient to deal with another major spill,” he said.

While the government has implemented new regulations, technical systems for stopping oil flowing from a leaking well, and increased oversight from oil officials, Perrow said deep water drilling had become no less dangerous. “I don’t think they have found ways to change the corporate culture sufficiently to prevent future accidents,” he said. “There are so many opportunities for things to go wrong that major spills are unavoidable.”

Last year, Doug Inkley, a scientist at the National Wildlife Federation, said the culture of an “addiction to oil” was ultimately responsible for the catastrophe. “How long must we wait for lawmakers to act to prevent future disasters? How many more lives, livelihoods and animals must be claimed by our addiction to oil?” Greenpeace also slammed BP, who ran Deepwater Horizon, for how they allowed the disaster to happen. “The age of oil is coming to an end and companies like BP will be left behind unless they begin to adapt now,” the organization said.

However, under pressure from industry executives the administration of president Barack Obama has resumed issuing drilling permits. It is understood regulators are still allowing oil companies to obtain drilling permits before reviewing new spill response plans. “I’m not an oddsmaker, but I would say in the next five years we should have at least one major blowout,” Perrow said. “Even if everybody tries very hard, there is going to be an accident caused by cost-cutting and pressure on workers. These are moneymaking machines and they make money by pushing things to the limit.”

BP has insisted it has changed safety procedures. The oil giant came under heavy criticism for how it handled the crisis, and other major oil companies insisted Deepwater Horizon was a result of a culture exclusive to BP. Michael Bromwich, the director of the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE), the U.S. government agency responsible for regulating offshore drilling, said the view was “as disappointing as it is shortsighted,” and the issue of deep water safety was “a broad problem.”

The warnings came as it emerged BP had attempted to take control of an independent study into the environmental consequences of the Deepwater Horizon spill. Internal emails expose how BP executives attempted to influence the study, which was funded by a US$500m grant from the oil company. The study may be part of the final verdict as to what penalties, fines and criminal charges are brought against the company. Greenpeace, who uncovered the emails through a Freedom of Information Act request, attacked the reportedly unsuccessful attempts to influence the supposedly independent study as “outrageous”.

Protesters rallied outside BP’s annual conference in London this week, where shareholders met for the first time since the disaster off the Gulf coast. Executives faced questions over their competence and large salaries from angry shareholders, many of whom disapproved of the appointment of Carl-Henric Svanberg as chairman and Sir Bill Castell as the head of BP’s safety board.

Some demonstrators purchased shares in BP in an attempt to get inside the meeting; one woman, a fisherwoman who lives on the Gulf Coast was arrested after pouring a black substance down herself at the entrance to the conference centre and refusing to move. “I have travelled all the way over from the Gulf Coast and I just wanted to talk those responsible for destroying my community,” she said as she was led away by police. “My community is dead. We’ve worked five generations there and now we’ve got a dead community. I’m angry, I’ve been angry a long time.”

Wednesday, April 9, 2008

Youths in the Norfolk town of Caister-on-Sea, near Great Yarmouth, England, have been banned from purchasing “squirty bottles” of ketchup, and eggs after a number of complaints from residents in the area. The move, which is backed by the Norfolk Police, is aimed at reducing the number of anti-social incidents occurring in the area. Sergeant Andy Brown, of the Norfolk Police, has said that no further complaints have been received since the ban came into force.

While squirting ketchup itself is not a criminal offence, the damage that it can cause, such as removing paint from cars or houses, is often enough to bring charges of criminal damage. Sgt Brown said that there were “about a dozen complaints from residents, some of them elderly, about people squirting ketchup over doors, windows and vehicles.” Martin Bailie, a spokesperson for Lidl supermarkets, has defended his staff’s actions, saying “the stores’ staff were [already] challenging youngsters who were trying to bulk buy these things. It wasn’t that we haven’t been selling eggs and ketchup to youths, but have been careful about who we have sold them to, and we are glad it has been making a difference.”

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

Monday, September 18, 2006

Photographs published by the Investigate magazine and the newspaper Sunday Star Times has shown the Prime Minister of New Zealand Helen Clark’s husband, Peter Davis, being hugged and kissed by openly gay Auckland GP (General Practitioner) Dr. Ian Scott on election night 2005. The editor of Investigate, Ian Wishart, stated that at no time has Investigate ever suggested Davis is gay.

Wishart said that he has “Been targeting Mr Davis for months and has appealed for readers to send him details of his private life. [My] article makes no homosexual inferences and is merely an attempt to background Davis ahead of reports to follow.”

Investigate has been publishing a series of stories involving Davis about an alleged incident overseas. They were tipped off by New Zealand law enforcement. “The picture is all about trying to find out more about the alleged incident. [I am] working through overseas sources to investigate the allegations. Regardless of what his investigation uncovers, the results will be published.” Wishart also says there is more ‘dirt’ to come.

Clark has called it a “pack of lies” and labelled it as a smear campaign. “I’ve been aware of a smear campaign circulating for many months. Actively circulated by National Party people. And I’ve had countless friends phone me about it. It’s been assiduously spread through circles in business, the law, accountants – it’s just come from all quarters.”

Dr. Scott is a close friends of the couple and was, according to Clark, “reasonably boisterous and drunk,” when the situation occurred and Davis was “a bit disgusted,” when he was kissed. “We have a particularly small group of very close friends . . . and Ian is right in there. He is one of our oldest friends as a couple. There is not a shred of truth to what Wishart says,” said Clark.

“People just fall about themselves laughing when they see that was the great ‘gay’ allegation,” Clark said.

Clark has partly blamed the Exclusive Brethren for the smear campaign as they were allegedly the ones who campaigned to unseat Labour and also allegations that they hired a private detective to follow Davis, the church has denied having any involvement. Clark has said “the smear campaign against her husband had spread far too wide for it to be the work of the Brethren alone,” so she also blames Brash.

“I think the National Party has stooped to new levels with his leadership. I think we’re seeing the absolute desperation of, actually, the far Right in politics, which feels it has a right to rule, couldn’t cope with losing three elections in a row and there’s a desperation and nastiness about it and it will stoop to anything,” Clark said.

Brash said that he rejects and condemns the rumour-mongering and a spokesman said: “he [Brash] nor any of his MPs were involved in spreading them [rumours]. National believes the private lives of politicians and their families should be just that – private.”

A source for the National Party said that people had phoned in with the rumour and National told them to “go away.”

Gerry Brownlee, Deputy leader of National, denies any National Party involvement. He said: “Despite Don Brash coming under fire for admitting his marriage was in difficulties amid speculation he had an affair, National is not in a vengeful mode and rejects any such suggestion. The private lives of the families of MPs should be left out of the public eye.”

Media experts are passing off Investigate’s story as poor journalism. Including the head of New Zealand Broadcasting School, Paul Norris. Norris said: “The leader of a party has to expect their private life to impact on their leadership but in this case it seems Clark does not have a lot to answer to. The story has very little substance.”

Clark has denied that a meeting between Brash to discuss toning down personal attacks will take place. But does say a meeting between party representatives could be arranged.

Clark has told the New Zealand Police that she believes that they have been followed by private detectives. The police are yet to confirm that they are investigating the claim as of Monday morning. Clark said that she has been “told by a number of sources that private investigators have been hired to follow both herself and her husband, Professor Peter Davis.”

Monday, September 2, 2013

Nelson Mandela has left hospital to return to his home in Johannesburg, in a critical condition, South African officials said on Sunday.

The 95-year-old anti-apartheid leader and former South African president has spent nearly three months in hospital for treatment of a recurring lung infection and has returned to his residence in Johannesburg where he will continue to recover.

A statement from the office of current South African president Jacob Zuma confirmed Mandela homecoming:

“His teams of doctors are convinced that he will receive the same level of intensive care at his Houghton home that he received in Pretoria.”

“His home has been reconfigured to allow him to receive intensive care there. The health care personal providing care at his home are the very same who provided care to him in hospital.”

Several ambulances and TV crews gathered outside Mandela’s home in the Houghton suburb of Johannesburg on Sunday, where well-wishers gathered to pray for his recovery.

Mandela’s last public appearance was at the 2010 football World Cup, held in South Africa.