SB 104-06: Global Corporate Taxation Act (Passed)
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  SB 104-06: Global Corporate Taxation Act (Passed)
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Author Topic: SB 104-06: Global Corporate Taxation Act (Passed)  (Read 1915 times)
The world will shine with light in our nightmare
Just Passion Through
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« on: July 11, 2021, 06:36:52 PM »
« edited: July 28, 2021, 11:02:23 PM by Senator Scott, PPT »

Quote
AN ACT
To tax large multinational organizations and to promote a global tax overhaul


Be it enacted by the Senate of the Republic of Atlasia assembled


Quote
Section 1. Title

This legislation may be cited as the Global Corporate Taxation Act.

Section 2. Definitions

(a) Global Intangible Low-Taxed Income (GILTI).—The term 'Global Intangible Low-Taxed Income' (GILTI) is a category of income (from intangible assets such as patents, trademarks, and copyrights) that is held abroad by Atlasia-controlled international corporations.

(b) International Company.—The term 'International Company' is a corporate organization that owns or controls the production of goods or services in at least one country other than its home country.

Section 3. Global Minimum Tax

(a) A global minimum tax of 21% shall be levied on international companies, whose annual global revenue (GILTI) meets or exceeds $20 billion, for goods and services sold abroad.

Section 4. Support for G7 Finance Ministers and Central Bank Governors Communiqué

(a) The Republic of Atlasia officially endorses the framework outlined by the June 2021 G7 Finance Ministers and Central Bank Governors Communiqué to address "the tax challenges arising from globalisation and the digitalisation of the economy and to adopt a global minimum tax."
Sponsor: Scott

The gentleman from Wyoming is recognized.
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #1 on: July 11, 2021, 07:08:10 PM »
« Edited: July 11, 2021, 07:42:05 PM by Senator Scott, PPT »

Unfortunately, it did not occur to me until writing my advocacy that the tax agreed to by the G20 Summit yesterday doesn't go into effect until 2023. I will amend the bill to reflect this change, as well as to lower the rate to 15% as well as the threshold for paying the rate in order to reflect the newly approved plan.

So, financial ministers at the G20 Summit voted to approve a 15% minimum global tax on multinational corporate profits and to shift where some are collected to fit the modern digital economy. This will deter these multinational companies from avoiding taxation by shifting their profits to low-tax countries. This new tax system has the support of 132 countries. However, I would like to make a personal appeal to President Sev for when he reads these threads, that international pressure must be placed on Ireland and Hungary, which are low-corporate tax countries that oppose the new system.

Quote from: Amendment S104:01 by Scott
Section 3. Global Minimum Tax

(a) Starting in 2023, a global minimum tax of 21% 15% shall be levied on international companies, with the exception of financial institutions and extractives, such as oil, whose annual global revenue (GILTI) meets or exceeds $20 billion $890 million, for goods and services sold abroad.

Members have 24 hours to object.
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Joseph Cao
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« Reply #2 on: July 12, 2021, 01:02:38 AM »

At risk of further bothering our already beleaguered GM, I do think this is an area where we could use his official input on where things stand. I'm not convinced that this won't simply incentivize corporations to move overseas depending on how the global taxation landscape looks once we finish with this bill.

It should also be a goal of ours when considering this to continue negotiations to help ensure we get a fair settlement for all participating countries that does its job of enforcing the global minimum tax. I'd support an amendment to the bill that expresses Congress' support for continuing them – this is not going to be the last word on this issue by any means.
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Joseph Cao
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« Reply #3 on: July 13, 2021, 01:14:13 AM »

I assume the amendment has passed?
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The world will shine with light in our nightmare
Just Passion Through
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« Reply #4 on: July 13, 2021, 01:35:51 AM »

Sorry - hearing no objection, the amendment is adopted.
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Spark
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« Reply #5 on: July 13, 2021, 07:57:20 AM »

I support this bill. We need to keep corporations accountable.
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Southern Senator North Carolina Yankee
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« Reply #6 on: July 15, 2021, 08:12:33 PM »

My disdain for international business is well known but I would be interested in knowing the basis for the exceptions for finance as such? Extractives makes sense on the surface since the location of the resources dictates where you go to a substantial extent, but finance is less obvious and I would be keen to know the answer. Is it concerns about restricting the flow of capital and the detrimental effects that might have economically?
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The world will shine with light in our nightmare
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« Reply #7 on: July 15, 2021, 08:37:23 PM »

My disdain for international business is well known but I would be interested in knowing the basis for the exceptions for finance as such? Extractives makes sense on the surface since the location of the resources dictates where you go to a substantial extent, but finance is less obvious and I would be keen to know the answer. Is it concerns about restricting the flow of capital and the detrimental effects that might have economically?

I would hazard a guess that that's why financial services are exempt, yes. I don't want to inadvertently create special exemptions other than what the G20 countries approved, and those are the only two goods or services that are exempt from the plan.
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The world will shine with light in our nightmare
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« Reply #8 on: July 16, 2021, 05:54:02 PM »

Since the President has expressed skepticism toward needing the GM on the immigration bill, I would argue the same for this too, really. As a general rule, events that happen in RL also happen in-game unless the GM says otherwise. For instance, George Floyd and Jacob Blake were both declared alive and well as a result of past police reforms. On the other hand, the Texas power crisis was as bad in-game as it was IRL. I understand that Peanut might be busy and I don't want the game to distract from real-life obligations, but I also don't like keeping legislation on the floor for too long.

So we can give Peanut a few days to give us his input and if he's not able to, we'll just assume the dynamics of the G20 Summit apply in-game as well, with Ireland and Hungary being our two targets foreign policy-wise to pressure into adopting this tax and joining the 130 other countries that have already signed on.
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Southern Senator North Carolina Yankee
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« Reply #9 on: July 16, 2021, 10:41:58 PM »

The President is free to have his opinion, but last I heck we had separate co-equal branches of government and while he is free to state his opinion, the Senators are free to disagree on what should require such feedback.

I would also point out that we have the ability to do estimates ourselves as I previously posted in the other thread.
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The world will shine with light in our nightmare
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« Reply #10 on: July 16, 2021, 10:52:45 PM »

The President is free to have his opinion, but last I heck we had separate co-equal branches of government and while he is free to state his opinion, the Senators are free to disagree on what should require such feedback.

I would also point out that we have the ability to do estimates ourselves as I previously posted in the other thread.

I'm not too worried about revenue estimates at this time, since the tax doesn't go into effect for another year and a half. I think here, whether the G20 Summit adopted these rules or Ireland and Hungary did not isn't information that necessarily needs GM input. Atlasia should be assumed to be part of G20 as the US is since we've adopted all prior treaties. So I don't think it's veering on the GM's autonomy too much to assume that other countries have signed on to the deal.

I make exception to upcoming events like the Israeli election, which the GM can and is using to override real events that should affect our policy.
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The world will shine with light in our nightmare
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« Reply #11 on: July 22, 2021, 01:58:00 PM »

Opening a final vote in 24 hours without objection or GM feedback.
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SevenEleven
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« Reply #12 on: July 22, 2021, 03:06:24 PM »

I agree with Senator Scott here. I'm not sure what the GM could possibly say that would change any minds on this vote. We know that the multilateral agreement exists. Do you support tax havens or not? Don't hide behind the GM. The tax doesn't go into effect for years so any revenue projections will be lofty at best.
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AGA
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« Reply #13 on: July 23, 2021, 09:05:33 PM »

Objection. I think that the phrasing "Atlasia-controlled" is too vague. Also, section 3 could be more specific.
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The world will shine with light in our nightmare
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« Reply #14 on: July 23, 2021, 09:49:27 PM »

I believe the bill in its current form is fine. Unless opponents of this bill introduce their own plan - certainly a more productive move than calling your opponents spooky scary socialists - this bill deserves an up-or-down vote.

As such, I am invoking a motion to end debate. As the President said, this really comes down to whether you support tax havens or not. If you don't have a plan to improve the bill, then there's no point continuing debate.

I motion for cloture. Senators, please vote Aye, Nay, or Abstain.
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The world will shine with light in our nightmare
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« Reply #15 on: July 23, 2021, 09:50:17 PM »

Aye
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« Reply #16 on: July 23, 2021, 10:05:00 PM »

Aye
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AGA
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« Reply #17 on: July 23, 2021, 10:07:11 PM »
« Edited: July 24, 2021, 08:29:24 AM by AGA »

Just because I would like to make a revision doesn't mean I oppose the bill overall. I would like to change Section 2 to say "international corporations incorporated in Atlasia" because "Atlasia controlled" is open to more interpretation.

Nay
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Continential
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« Reply #18 on: July 23, 2021, 10:09:02 PM »

Nay because I agree with AGA's changes.
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KoopaDaQuick 🇵🇸
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« Reply #19 on: July 23, 2021, 11:34:58 PM »

aye cuz it's not worth changing the bill this late for a change that doesn't really even matter
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Saint Milei
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« Reply #20 on: July 24, 2021, 12:03:53 AM »

Nay
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Joseph Cao
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« Reply #21 on: July 24, 2021, 12:07:48 AM »

I fully intend to vote for the bill – and am somewhat nonplussed by the aggression in this thread – but I think AGA has been clear about the amendment he wants to make and am in agreement that it serves a clarifying purpose.

Nay.
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Esteemed Jimmy
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« Reply #22 on: July 24, 2021, 12:17:46 AM »

Nay
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Dr. MB
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« Reply #23 on: July 24, 2021, 12:57:37 AM »

Nay
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wxtransit
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« Reply #24 on: July 24, 2021, 03:55:43 AM »

Nay. In full agreement with Sen. Cao's statement.
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