Re:What it's like to live in Monaco
by ohgodplsno on Friday December 09, 2022 @08:59AM
(#33921268)
There's a fantastic concept called racing to the bottom.
Small countries can afford to be tax havens because even getting 1% of a multibillion company covers their needs well enough. Meanwhile, the country housing the thousands of workers, damaging roads, using infrastructure, healthcare, etc, get nothing. Global tax minimums are the only way we have a society that keeps functioning.
What you call competition other might call race to the bottom.
It doesn't take a genius to see the problem either, look at companies like airbnb who barely pay any tax in countries they operate in because technically they just have a "customer service office" in said country while the money is moved to Luxembourg, Ireland, &c.
Re:What it's like to live in Monaco
by yodsanklai on Friday December 09, 2022 @09:22AM
(#33921453)
> There's fantastic concept called competition.
This isn't what is at play in the case of tax havens.
If country can do with less money it might attract more businesses. This pushes others to improve their operations too. Global tax minimums remove or soften this incentive which is a bad thing. Most governments are not efficient already and this will not help.