Establishing a code of conduct to prevent international tax evasion.
Tax evasion is the illegal evasion (i.e. avoidance) of taxes by individuals and corporations. International tax evasions can arise from wealthy individual investors or large multinational companies, that shift their profits and incomes into low tax countries (referred to as tax havens) to so that the taxpayers can avoid paying high taxes. Governments often lose high revenue due to this. For example. The US’s federal government have lost what is estimated to be around 100 billion dollars per year due to tax evasions. Most of the international tax reduction of individuals reflects evasion, and this amount has been estimated to range from about $40 billion to about $70 billion a year, and activity has been seen to increase recently. Additionally, developing countries are hindered unable to raise their taxes due to profit shifting and tax abuse from multinational corporation, therefore depriving them from resources needed to develop.
Evaluating the potential departure of the United States of America from the NAFTA agreement and its effect on the North American Region.
NAFTA (The North American Free Trade Agreement) is a trade deal between the US, Mexico, and Canada. creating a trilateral trade bloc in North America, in which Tariffs (such as taxes on imports and exports, and on traded goods among the three nations) were eliminated progressively and all duties and quantitative restrictions, with the exception of those on a limited number of agricultural products traded with Canada, were eliminated. The point of NAFTA was to encourage economic integration among the US, Mexico, and Canada. And that, by extension, was supposed to boost economic prosperity for all three. However, some Americans workers have argued the trade deal is responsible for job losses and declining wages in America, as well as companies shifting manufacturing to Mexico.
President Trump has argued in favor of ripping up trade deals, and said NAFTA was “the worst trade deal in the history of the country,”, and has on multiple occasions stated his intent to “renegotiate” NAFTA.
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