A new report, funded by the european union, has found that the worlds super rich are still able to pay low rates of tax, despite a decade of efforts to reduce evasion. The study says there are still too many loopholes and billionaires are able to pay less than half a percent of their wealth. The eu tax observatory, which is behind the report, is calling for a new global minimum tax on billionaires saying that if the richest 3000 people in the world paid 2 , then it would raise 250 billion a year. Lets speak now to one of the reports authors quentin parrinello, Senior Advisor at the eu Tax 0bservatory . What more can you tell us about what this report is calling for and whether its feasible . In this report we are trying to target tax evasion and mistakes have happened in the last decade in terms of tax evasion. Mainly focusing on the taxation of billionaires. We are asking to replicate the agreement on the global scale. For Global Billionaires. As you said, Global Billionaires. As you
Time for a look at the Business News now with tadhg enright. Luxmy gopal, thank you very much. We are going to talk about tax. A new report, funded by the european union, has found that the worlds super rich are still able to pay low rates of tax, despite decades of efforts to reduce evasion. The study says there are still too many loopholes and billionaires are able to pay less than 0. 5 of their wealth. The eu tax observatory, which is behind the report, is calling for a new global minimum tax on billionaires saying that if the richest 3,000 people in the world paid 2 , then it would raise 250 billion a year. Earlier, i spoke to Richard Murphy a Tax Reform Campaigner and professor of accounting practice, Sheffield University Management School and asked how feasible that would be. The good news in this report today is that a lot of measures that are being put in place which i campaigned for over the last 15 years are working. For example, tax havens are now causing one third of the ha
Feasible . The good news in this report today feasible . The good news in this report today is feasible . The good news in this report today is that feasible . The good news in this report today is that a feasible . The good news in this report today is that a lot feasible . The good news in this report today is that a lot of report today is that a lot of measures that are being put in place which i campaigned for over the last 15 years are working. For example, tax havens are now causing a third of the harm that they did and companies are paying more tax. But this report is right, the team that wrote it are correct, the wealthy are still getting away with paying much less tax than they should. Their claim is that that is because of the problems created by offshore. If im honest, im not completely convinced by that argument, they are arguing for this global minimum tax, and i see enormous problems in getting any form of agreement on it, and i was involved in negotiating that many of th
Now its time for World Business report. Two billion friends, soaring profits and a big thumbs up from wall street. But how much bigger can facebook grow . Plus made in america. President trump hails a 10 billion taiwanese investment as proof hes making a difference. But one critic calls the deal a corporate welfare package. Welcome to World Business report. Im ben bland. Also coming up charged up samsungs on track for record annual profits as it puts the Exploding Phones scandal behind it. We start in Silicon Valley where it seems there is no stopping the worlds biggest social network. Facebook has seen another huge jump in profits as Advertising Revenues keep on rising lets show you just how big. In the three months to the end ofjune, facebook made a net profit of 3. 89 billion. Thats a jump of 71 on the same period last year, and better than wall street was expecting. Injune the number of active monthly users crossed the two billion mark. That means more than one in every four people
Territory. We will have a look at the markets later. And piggy backing a mobile network. Well be looking at the growing trend of Virtual Network operators and ask whos winning the consumer or the company . And as facebook earnings surge 71 and its number of friends swell to over 2 billion, today we want to know are you a facebook Friend Or Foe and why . Let us know. Just use the hashtag bbcbizlive. I have just sent to a Friend Request, i hope it will be accept it hello and welcome to Business Live. We start in Silicon Valley where it seems there is no stopping the worlds biggest social network. Facebook has seen another huge jump in profits as Advertising Revenues keep on rising lets show you just how big. In the three months to the end ofjune, facebook made a net profit of 3. 89 billion. Thats a jump of 71 on the same period last year and better than wall street was expecting. Injune, the number of active monthly users crossed the two billion mark. That means more than one in every fo