Intellectual property is not just an important asset for the running of companies, but it actually can help in catapulting the profits of companies. Multinational corporations use intellectual property to avoid taxes on massive scale, by transferring their intellectual property to tax havens for artificially low prices.
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“Tax is the new oil”
I’m not exactly a fan of this phrase. Actually, I’m not a fan of it at all. I first heard it at a tax conference I attended in September 2017. I could understand the rationale behind the phrase – the glory years of 2011-2013 and triple digit oil prices were long gone and as a nation, we had no idea how else we could stay afloat. Deep introspection showed us how much we were bleeding ourselves by ignoring entities who made a killing and failed to give Caesar what was due to him.
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