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Business Daily

Making multinationals pay

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 3 May 2021

⏱️ 18 minutes

🧾️ Download transcript

Summary

It could be the biggest shake-up of corporate taxation in history. But can President Biden's push for a minimum global rate succeed? He wants multinational companies to pay a rate of at least 21%. The proposal is likely to face opposition from smaller economies. Tech consultant Pamela Newenham explains how Ireland's low tax regime has helped to transform the country's capital. Others say the proposal doesn't go far enough. We hear why from Nobel prize-winning economist Joseph Stiglitz. We also hear from the man leading the charge for reform at the OECD, Pascal Saint-Amans, and Danny McCoy, head of Ireland's biggest business group.

Picture: Stock photo of a yellow warning sign on a fence (Credit: Getty)

Transcript

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0:00.0

Hello and welcome to Business Daily from the BBC with me, Manuela Saragossa.

0:06.0

Coming up, cracking down on global corporate tax dodgers.

0:09.8

The women and the men in the street can no longer bear with an increase of personal income tax

0:15.6

why the big fat cats don't pay anything or hardly anything.

0:19.5

President Biden plans what could be the biggest shake-up

0:22.9

of global corporate taxation in history, making it impossible for big multinationals to dodge taxes.

0:29.8

And it could even put overseas tax havens out of business. And surprise, even some low tax countries

0:37.1

are in favour.

0:38.3

So Ireland, over the last seven or eight years,

0:40.2

it really built up a really strong ecosystem in tech.

0:43.9

And those clusters basically feed off themselves.

0:47.0

So if the Biden tax reforms become global,

0:50.7

Ireland at this point has really moved up the so-called value chain.

0:54.5

That's all here in Business Daily from the BBC.

1:01.2

It has several names. They call it Google Land, Google Basin, Silicon Docks.

1:07.2

Pamela Newnham there is a Dublin-based tech consultant.

1:11.2

She's seen parts of the Irish capital transform in the past couple of decades

1:15.2

as tech companies, many from America, have flooded into the city.

1:20.1

We've grown a lot in 15 years.

1:23.2

We've grown the space a little, too.

1:25.6

In fact, we've grown so fast we're knocking through the living room.

1:28.9

Google Island.

...

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