AGREEING ON CORPORATE TAX RATE

The Bahamas Government issued a statement last week in which it said that it agreed with the Group of 20 nations and before them the Group of 7 that there ought to be a universal tax on corporations around the world at a minimum rate. That would stop Google for instance of using Ireland with low tax to have that country as their corporate headquarters in order to pay low taxes.  The Bahamas thinks that they have to engage in this nonsense in order to save the financial services sector. Seems to us that this like agreeing to cut your throat.