Economy
23:54 20 July 2021
Post by: WBJ

Global taxes are coming

Global taxes are coming
Source: eNewsroom

The report published by the Polish Economic Institute entitled "Global taxes in the post-COVID-19 era" shows that the implementation of three low-level global taxes can lead to huge tax revenues – almost $700 billion a year. The three proposed taxes include minimum CIT, property tax, and climate tax. The minimum CIT at the level of 15 percent is currently being negotiated at the international forum of the OECD and will most likely come into force soon. PIE estimates the possible revenues from this at approximately $127 billion a year, of which Poland could obtain $800 million. The wealth tax would apply to 0.01 percent of the richest and estates over $10 million. The revenues from this tax are estimated at approximately $290 billion. A climate tax would discourage countries that are most polluting and destroying the environment from continuing to do so. This tax, in turn, would bring in revenues of about $280 billion – which, together with the other two taxes, gives about $695 billion a year.

"Each year, 55 million additional nurses could be employed, which would significantly improve our quality of life and the quality of public services, which are now at risk due to the depleted state budgets in 2020," Łukasz Błoński, an expert of the Polish Economic Institute, said.

"Five years ago, no one in the OECD organization thought that it was possible to introduce global taxes. Meanwhile, two weeks ago the G7, the group of seven economically most important countries in the world, issued a communiqué informing about the acceptance of the minimum global CIT. The introduction of this tax will be implemented. discussed in the G20 and OECD. This means that an incredible road has been made in the last five years. Global CIT is to be approved within a month - that's the negotiating mandate. Global tax and environmental problems are impossible to solve on a local forum, only global cooperation can bring tangible results," Błoński added.

(eNewsroom

taxes
pie
oecd
łukasz brzeski

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