“Fatta la legge. Trovato l’inganno.” (A law is made. A way round it is found.) Sicilian in origin, apparently. Fancy that.
Still, who could have thought that barely days after the G7 announcement for a minimum global tax rate for large companies, it would be one of the architects of the proposal who, according to this report, is seeking to get an opt-out for financial services because the proposed tax changes might affect affect global banks headquartered in the U.K. Yes, well, that’s rather the point of the changes. Making global companies pay their fair share of tax in each of the countries they operate in so that national tax authorities do not have to play Whack-a-Mole with them as companies use every loophole available to make sure they pay as little tax as possible everywhere. It’s not just tech giants thinking they’re so big and important that they can dictate terms who need to be brought to heel. Banking giants and other multi-nationals need to be taught this lesson too.
Touching to see the Chancellor’s concern for the UK’s corporate tax base, though. He can’t be the only Finance Minister worried about this. Perhaps he could have a chat with his Irish counterpart? They seem to have something in common.