国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

US tax reform will hurt developing countries

By Li Yuefen | China Daily | Updated: 2017-11-01 07:43

The Republicans will reportedly introduce their tax bill to the US Congress on Wednesday, as US President Donald Trump and his Republican allies want to approve a plan by the end of the year to dramatically lower individual and corporate tax rates, double the standard deduction and scrap certain taxes that largely affect wealthier Americans.

The Trump administration unveiled the unified framework for tax reform in September. And if eventually the Congress endorses it, the framework would likely not only have a significant impact on the United States economy but also profound international repercussions including dealing a blow to developing countries. The tax reform elements likely to have severe ramifications beyond the US borders include the cut in corporate tax and the change from a worldwide tax system to a "territorial based tax system", including the granting of a 100 percent exemption for dividends received from foreign subsidiaries.

The framework calls for a significant corporate tax reduction-from the current 35 percent to 20 percent-which would increase the competitiveness of US products in the world as the cost of production would go down. It will also make the US a more attractive investment destination for US as well as foreign companies.

According to the Tax Foundation, the average corporate tax rate in 2015 in Organization for Economic Cooperation and Development member countries was about 25 percent, BRICS about 28 percent, and Africa about 29 percent. Thus it would be fair to say the current US corporate tax rate at 35 percent is high by world standard.

But a dramatic cut in the tax rate by the world's leading economy, to a level below that of major economies including France, China, Spain and Italy, could trigger reactions from other countries. In fact, a race for competitive tax reduction has already started and some countries including the United Kingdom, France and the Netherlands have already proposed tax cut plans. This "race to the bottom" could force developing countries to follow suit, hurting economies with a narrow tax base that rely on tax revenue for their general budget.

The shift to a territorial corporate tax system especially the treatment of the huge retained earnings by US companies with branches overseas would certainly have direct and far reaching impacts on the world market. The proposed new system imposes tax only on income earned in the US while the current system is a worldwide system under which profits of corporations are taxed regardless where they are earned.

Under the existing system, if profits accrued abroad are not repatriated back to the US, corporations do not need to pay 35 percent corporate tax as the US law allows them to keep the profits abroad indefinitely and treat it as deferred earnings paying minimum to zero tax. Some reports estimate US companies have stashed away more than $2.6 trillion overseas. The US law also exempts tax on the earnings reinvested abroad. Consequently, an important part of foreign direct investment by US multinationals is financed by retained earnings. It is especially so in developing countries where the rate of return on FDI is mostly higher than that in mature economies.

Although the US tax reform is overdue, its potential impact on FDI and future behaviour of US multinationals cannot be overlooked. The US is the world's largest economy and also the largest outbound FDI investing country. The proposed tax rate cut and the territorial tax system would mutually reinforce each other and significantly reduce the incentives to investment abroad by multinationals. This is in line with the election promises made by Trump, namely to revitalize American manufacturing industries and create more jobs at home.

US foreign direct investment in developing countries is likely to decline because of the disincentives to invest abroad. On top of it, for developing countries having higher corporate tax rates than the US, their large corporations may also try to invest in the United States to benefit from all the tax incentives. Therefore, it is high time developing countries analyzed the potential impact of the US tax reform on their economies and prepared for the possible passing of the framework, with perhaps minor changes, into law by the Congress.

The author is a special advisor on economics and development finance, South Centre, a Geneva-based intergovernmental organization of developing nations.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
av在线导航| 亚洲女成人图区| 中文字幕久热精品视频免费| 瑟瑟在线观看| www.豆豆成人网.com| 黄色资源网久久资源365| 色呦呦网站一区| 欧美大肥婆大肥bbbbb| 免费性色视频| 无遮挡爽大片在线观看视频| 狠狠色丁香久久综合频道| 亚洲人吸女人奶水| 免费成人美女在线观看.| 一区二区三区中文字幕精品精品 | 精品视频免费| 国产精品欧美久久久久无广告| 亚洲大尺度美女在线| 国内精品麻豆| 日本性爱视频在线观看| 91麻豆精品国产91久久久平台| 久久精品在线观看| 色婷婷综合久久久久| 九色视频网站入口| 大型av综合网站| 99免费精品视频| 亚洲黄色在线观看| 日本欧美亚洲| 网友自拍一区| 中文字幕综合网| 欧美黑人一区二区三区| 日韩大胆人体| 午夜欧洲一区| 亚洲一区自拍偷拍| 欧美极度另类videos高清| 暧暧视频在线免费观看| 久久精品麻豆| 欧美日韩精品免费观看视频| 日本高清色图| 成人午夜网址| 亚洲精品精品亚洲| 欧美特级xxxxbbbb毛片| www.操.com| 98色花堂精品视频在线观看| 丝袜美腿一区二区三区| 亚洲精品一区二区三区四区高清| 成年人黄视频网站| 小说区图片区色综合区| 亚洲精品水蜜桃| 国产精品免费视频二三区 | 毛片电影在线| 狠狠色狠狠色综合| 日韩毛片在线观看| 日本不卡免费播放| 麻豆精品网站| 欧美变态口味重另类| 伊人资源视频在线| 国产精品免费不| 日韩欧美在线中文字幕| 成人免费xx| 青青草综合网| 欧美视频你懂的| wwwav91| 亚洲成av人片乱码色午夜| 在线观看91视频| 波多野结衣在线中文| 国产精品视频一区二区三区四蜜臂| 久久综合精品国产一区二区三区| 国产亚洲欧美视频| 中文日本高清免费| 欧美国产免费| 亚洲激情国产精品| 2018日韩中文字幕| 自拍视频在线看| 久久美女高清视频| 天堂中文www在线| 欧美高清你懂的| 亚洲免费观看高清在线观看| 91九色国产蝌蚪| 国产精品中文字幕亚洲欧美| 黑人与娇小精品av专区| 成年人福利视频| 性欧美长视频| 蜜臀久久99精品久久久久久宅男| 国产精品一卡二卡三卡| 国产99精品在线观看| 亚洲一卡2卡三卡4卡2021四卡| 国产精品一区二区三区av| 亚洲成人在线观看视频| 人善交video高清| 夜夜嗨一区二区| 日韩在线免费视频观看| 国产成人a视频高清在线观看| 亚洲人被黑人高潮完整版| 嫩草影院视频| 国产欧美一级| 日韩在线观看成人| 日韩av黄色| 欧美性少妇18aaaa视频| 污污网站在线| 本田岬高潮一区二区三区| 欧美一区二区.| 亚洲精品国产setv| 欧美精品一区二区蜜臀亚洲| 91资源在线观看| 亚洲精品精品亚洲| 欧美hdfree性xxxx| 99久久国产综合精品麻豆 | 日韩午夜在线视频| 国产精品1区| 色综合久久99| 国产精品视频一区二区久久| 99久久精品国产精品久久| 福利小视频网站| 国内久久精品| 久久久久久久久久久人体| 日本国产精品| 亚洲精品白浆高清久久久久久| 成人18夜夜网深夜福利网| 中文字幕国产一区| 亚洲国产三级网| 麻豆影视在线| 亚洲欧洲av色图| 亚洲色图16p| 91影院在线观看| 人人在线97| 久久国产免费看| 自拍电影在线观看| 秋霞影院一区二区| 国产精品合集一区二区| 香蕉综合视频| 亚洲天堂影院在线观看| 国产韩日影视精品| 久久久亚洲影院| 欧美精品中文| 亚洲一级免费视频| 麻豆国产一区| 精品美女在线观看| 国产精品高潮呻吟久久久久| 在线播放日韩av| 日本一区影院| 亚洲精品动漫久久久久| 牛牛精品成人免费视频| 久久久久www| 亚洲宅男一区| 国产亚洲精品久久久久久| 免费精品国产| 蜜臀久久99精品久久久久久宅男| 欧美gayvideo| 欧美精品日韩三级| 国产精品久久久久久久| 色中色综合影院手机版在线观看| 老司机精品在线| 国产亚洲a∨片在线观看| 欧美交a欧美精品喷水| 亚洲欧美国产日韩中文字幕| 日韩中文欧美| 77777亚洲午夜久久多人| 自拍日韩欧美| 亚洲成色777777女色窝| 欧美三级精品| 亚洲国产黄色片| 亚洲国产91视频| 欧美高清在线播放| 在线综合亚洲| 美女三级福利视频| 国产精品三级视频| 3344国产永久在线观看视频| 欧美巨大另类极品videosbest| yw.尤物在线精品视频| 亚洲精品电影网| 99久久.com| 深夜福利91大全| 欧美理论电影大全| 欧美孕妇与黑人巨交| 日本伊人色综合网| 一色桃子在线| 国产精品无码永久免费888| 国产偷倩在线播放| 中文字幕精品一区久久久久| 黑人操亚洲人| 网站免费满18成年在线观看| av在线播放一区二区三区| 亚洲mv在线| 欧美日韩在线第一页| 久久爱.com| 欧美日本亚洲视频| 国产一区二区三区四| 中文字字幕在线中文乱码电影| 亚洲国产精品久久不卡毛片| 中文成人激情娱乐网| 欧美日韩福利视频| 日韩二区在线观看| 经典三级在线| 91精品久久久久久蜜臀| 伊人久久大香线蕉精品组织观看| 欧美精品vⅰdeose4hd| 懂色av色香蕉一区二区蜜桃| 九九热爱视频精品视频高清| 91美女片黄在线观看91美女| 2019中文字幕在线视频| 91精品国产乱| 亚洲有吗中文字幕| 免费网站www在线观看| 日韩一区二区在线看| 五月天综合网站| 久久午夜剧场| 欧美日韩精品一区视频| 精品黄色一级片| 丰满少妇又爽又紧又丰满电影| 91福利资源站| 欧美激情在线精品一区二区三区| 五月天婷婷基地| 一本色道久久综合亚洲91| 欧美日韩中文一区二区| 国产农村av| 精品日韩一区二区| 亚洲91精品| 久久久久久77777| 在线观看91视频| 国产精品v欧美精品v日本精品动漫| 1069男同网址| 欧美日韩一二三| 亚洲日本国产| av文字幕在线观看| 久久精品国产久精国产一老狼 | 精品欧美激情在线观看| 国产va在线| 欧美一区二区三区日韩视频| 亚洲一本二本| 成人在线播放| 欧美国产视频日韩| 久久综合九色综合久久久精品综合| 国产精品久久免费视频 | 高清欧美性猛交xxxx| 中文字幕一区在线观看视频| 国产ts一区| 天天操天天插| 日韩国产欧美精品在线| 粉嫩一区二区三区性色av| 欧美亚洲大片| www视频完整版| 精品视频资源站| 国产在线一区观看| 亚洲伦理久久| 香蕉视频在线网站| 中文字幕精品网| 国产成人小视频| 九九热这里有精品| 妞干网福利视频| 制服丝袜亚洲色图| 精品一区二区免费| 日韩美女精品| 成人影院在线观看视频| 亚洲电影在线看| 久久精品欧美一区二区三区不卡| 青青操综合网| 69av亚洲| 国产字幕在线看| 欧美xxxxx牲另类人与| av午夜精品一区二区三区| 国产一区不卡| 七七久久电影网| 日本影音先锋电影| 精品美女在线观看| 亚洲国产电影在线观看| 日韩精品一区二区三区免费观影 | 伊人网在线播放| 亚洲精品久久久久久久久久久久久| 欧美日本二区| 高清av一区二区三区| 一二三区高清| 亚洲最新永久在线观看| 91精品国产色综合久久久蜜香臀| 99久久er热在这里只有精品15 | 秋霞影院一区二区| 久久久久影视| 日本大胆在线观看| 成人毛片免费在线观看| 高清亚洲成在人网站天堂| 欧美三级午夜理伦三级中视频| 99精品视频在线免费观看| 久久精品亚洲人成影院 | 欧美成人精品三级网站| xxxxx中文字幕| 全国男人的天堂天堂网| 精品少妇一区二区三区视频免付费 | 美女被c出白浆| 午夜精品久久久久久久99黑人| 欧美日韩一卡二卡三卡| 成人精品国产免费网站| 欧美国产专区| 澳门久久精品| 蜜桃视频在线观看播放| 狠狠干在线视频| 在线天堂中文| 日韩中文字幕国产精品| 欧美亚州韩日在线看免费版国语版| 26uuu久久天堂性欧美| 在线观看亚洲| 蜜桃视频欧美| 精品乱码一区二区三区四区| 免费黄色网页在线观看| aaaaa级片| 国产人成免费视频| 久久久精品网站| 黄色国产精品| 国产伦久视频在线观看| 岛国视频免费在线观看| 亚洲精品无码专区在线播放| 先锋影音av资源网| jizz18日本| av免费在线网址| 天天看天天色| 午夜电影福利网| 无套内精的网站| 中国jizz妇女jizz妇女| 国产美女视频一区二区二三区| 欧美一级片免费看| 欧美性xxxxx极品少妇| 色婷婷国产精品综合在线观看| 亚洲免费资源在线播放| 亚洲欧洲精品一区二区三区| 亚洲欧洲日韩一区二区三区| 亚洲人成网站影音先锋播放| 中文字幕在线不卡| 国产欧美日韩视频一区二区 | 国内精品国产三级国产在线专| 欧美日韩一区二区欧美激情| 亚洲美女偷拍久久| 国产日韩成人精品| 91在线观看高清| 成人美女在线观看| 国产福利91精品| 国产一区二区看久久| 精品亚洲porn| 99国产精品久久久久久久| 欧美激情精品久久久六区热门| 水蜜桃精品av一区二区| 免费成人网www| 国产精品丝袜在线播放| 51亚洲精品| 伊甸园亚洲一区| 极品美女一区二区三区| 美女一区二区在线观看| 亚洲理论电影| 日韩中文首页| 欧美三区视频| 六月婷婷一区| 精品一区二区三区久久| 粉嫩一区二区三区在线看 | 清清草免费视频| 尤物视频在线观看网站| 免费人成a大片在线观看动漫| 乱子伦在线视频| 高清日韩av| 成年人视频网站| 色综合久久网女同蕾丝边| 福利在线观看| 欧美成人精品一区二区男人小说| 欧美理论电影| 99热国产在线| 国产激情视频在线观看| 天堂中文在线资| 原千岁中文字幕| 最新中文字幕av专区| xxxxx性| 男人本色网站| 永久免费在线| 毛片在线不卡| 一区二区三区短视频| crdy在线观看欧美| 亚洲欧洲美洲国产香蕉| 精品国产精品国产偷麻豆| 一区二区自拍| 视频一区日韩精品| 国产一区二区观看| 日韩成人午夜精品| 久久久精品国产免费观看同学| 亚洲1区2区3区视频| 精品国产乱码久久久久久图片| 久久五月天色综合| 一色屋免费视频| 欧洲视频在线免费观看| 吞精囗交69激情欧美| 日韩电影免费在线观看| 日本亚洲视频在线| 亚洲精品写真福利| 精品国产乱码久久久久久夜甘婷婷| 欧美激情女人20p| www.夜色| 金瓶狂野欧美性猛交xxxx| 欧美三级电影在线| 日本中文字幕一区二区视频| 中文字幕日韩一区| 亚洲国产精品人久久电影| 成年女人免费毛片视频永久| 女人黄色片免费| 国产精品黄色片| 精品999日本| 综合久久久久久|