Shaking Up the Diamond Industry

Re:Shaking Up the Diamond Industry by olliswe on Saturday February 01, 2020 @02:31PM (#22212652)

I currently live in Sierra Leone working as a software dev, and just came back from an evening jog around the largest diamond mine in West Africa. It's crazy how much pain an misery diamonds have caused to this country. The citizens here in Koidu don't get any of the income of the diamonds, and live it extreme poverty... Meanwhile the guys from De Beers are living bougie lives in their maximum security compounds, with a pool, western supermarket and bar.

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Re:Shaking Up the Diamond Industry by grecy on Saturday February 01, 2020 @04:31PM (#22213390)

> As with any company anyehere, De Beers pays the share they are obliged to to the authorities

BP and Facebook aren't paying their share of taxes in the USA, do you think De Beers is going to do so in Sierra Leone?

The only difference is there are just enough tax dollars in the US to make life tolerable for the masses - cheap beer & cigarettes, sports on TV and elementary education.

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Re:Shaking Up the Diamond Industry by rzmnzm on Monday February 03, 2020 @10:46AM (#22225131)

Cheap beer and cigarettes are not provided for by tax dollars though.

BP and Facebook probably don't pay much tax in Australia either, where beer and cigarettes are not particularly cheap (mostly due to sin taxes)

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Re:Shaking Up the Diamond Industry by pinkfoot on Sunday February 02, 2020 @12:47AM (#22215380)

BP and Facebook aren't paying their share of taxes in the USA, do you think De Beers is going to do so in Sierra Leone?

Do you have any evidence that thy aren't?

Or do you just make things up?

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Re:Shaking Up the Diamond Industry by grecy on Sunday February 02, 2020 @02:03AM (#22215591)

https://www.cbsnews.com/news/2018-taxes-some-of-americas-big...

BP Actually get tax credits, as does Amazon. So they pay negative taxes.

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Re:Shaking Up the Diamond Industry by pinkfoot on Sunday February 02, 2020 @02:08AM (#22215613)

And how, pray tell, do the incentives of a British oil company in another part of the world automagically imply the guilt of an African mining company in SL?

Or is guilt by association the new thing these days?

Show me where De Beers is not paying what the government of SL requires them to pay.

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Re:Shaking Up the Diamond Industry by dang on Sunday February 02, 2020 @04:26AM (#22216056)

Please don't post in the flamewar style to HN. We're here for curious and thoughtful conversation.

https://news.ycombinator.com/newsguidelines.html

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Re:Shaking Up the Diamond Industry by markdown on Saturday February 01, 2020 @06:26PM (#22213944)

How much do you think Apple pays the US govt in taxes? The US is held together by taxes on the working man and small businesses. Massive corporations don't pay their fair share.

How can you expect the tax situation to be better in Sierra Leone?

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Re:Shaking Up the Diamond Industry by simonh on Saturday February 01, 2020 @07:44PM (#22214342)

Apple paid about $35bn in corporate income taxes globally in the last 3 years. Their effective global corporate tax rate is 24.6 percent and most of their taxes were paid in the US.

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Re:Shaking Up the Diamond Industry by markdown on Sunday February 02, 2020 @05:27AM (#22216256)

https://www.nytimes.com/2017/11/06/world/apple-taxes-jersey....

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Re:Shaking Up the Diamond Industry by simonh on Sunday February 02, 2020 @05:01PM (#22219757)

Yes that’s absolutely true, they do take advantage of international tax rules, but the insinuation that they pay almost no or very low overall corporate taxes is not true. I doubt the OP I was replying to expected the answer to be 24.6% of corporate income. I’ve got no objection to claims that’s too low, it’s a legitimate question, but let’s at least discuss this from an informed position.

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Re:Shaking Up the Diamond Industry by basch on Saturday February 01, 2020 @10:58PM (#22215050)

Is that with or without payroll tax?

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Re:Shaking Up the Diamond Industry by simonh on Sunday February 02, 2020 @04:58PM (#22219743)

It doesn’t include payroll taxes, import duties or VAT / sales taxes.

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Re:Shaking Up the Diamond Industry by pmart123 on Sunday February 02, 2020 @07:13AM (#22216605)

Without.

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