Ценные бумаги и инвестиции 11
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“COMPANIES AREN’T going to be able to hide their income in places like the Cayman Islands and Bermuda,” declared President Joe Biden this spring as the US Treasury detailed its tax plan aimed at helping fund $2trn-worth of infrastructure spending. Mr Biden wants to let loose a barrage of legislation to stamp out profit-shifting, following on from Donald Trump’s Tax Cuts and Jobs Act (TCJA) of 2017, which many tax experts argue got watered down with loopholes and exemptions.
Shifting income is the practice by which multinationals artificially divorce their reported profits from where they actually do business. A tech giant, for example, may park its intellectual property in Bermuda, then charge its subsidiary in a higher-tax country such as France or America for using the IP. Profit is thus magicked away to the tax haven.