I was browsing internet....

PoGee

when I came across news about the un. The article said that they had just passed something called the global tax frame-work and that it was going to come in next august. Does this mean that our taxes get sent to un? Is this real?

Devongardener

No, it sounds like either a ridiculous conspiracy theory or general misinformation.

Longwalker

It means that OCED no longer have control over global taxation and the UN will now be making the rules

Unless you have millions shoved away in off shore accounts, it wont affect you

k12479

PoGee said:

Does this mean that our taxes get sent to un?

Yes. The UN is funded by its member states, so our taxes do go to the UN.

sevenhills

I believe it sets a minimum tax rate for international companies, like Amazon and Nike, whether it will work is another matter.

PoGee

Thanks, sounds conspiratorial. I don't have millions stashed away so I'm all ok. I'm planning retirement and thought maybe they'd tax me even more and make me a very poor pensioner rather than a poor pensioner.

Strummer22

PoGee said:

Thanks, sounds conspiratorial. 

Yes. Representatives of countries worldwide (the UN) have conspired (by voting) to implement a framework to make sure multinational companies pay a sensible amount of tax on profits.

It won't affect tax on your income in the slightest. 

Albermarle

PoGee said:

Thanks, sounds conspiratorial. I don't have millions stashed away so I'm all ok. I'm planning retirement and thought maybe they'd tax me even more and make me a very poor pensioner rather than a poor pensioner.

I think you have been maybe reading too many scare stories on the internet.

The issue is that some very large companies and very rich individuals, base themselves in countries with very low tax rates ( Virgin Islands, Luxembourg, Monaco etc ) and avoid paying tax where they make their money, such as US, Germany, UK etc . The UN is trying to get some international agreement working that means that these companies ( Amazon for example)find it more difficult to avoid paying their fair share of taxes.
If it works then the UK will get more money from these tax dodgers, and maybe we will have to pay less. Maybe....

uknick

Never going to happen.

Countries make too much money from allowing companies to be located for tax purposes in their borders with preferential tax rates.  One that springs to mind is Apple being based in Ireland which saved them billions in tax.  Although that is now going through the European courts, and has been for 10 years, on the basis Apple received preferential treatment.

Jeremy535897

The UN are trying to get agreement for a minimum corporation tax rate of 15%. I believe it has support from African countries, but is opposed by the US, UK and other countries at the moment.