Investment Review – June 2021

Market Indicators

  • JSE All Share (ALSI) 66,248.74
  • Rand/Euro R 16.95
  • Rand/Pound R 19.75
  • Rand/US Dollar R 14.30
  • Rand/Aus Dollar R 10.72

The Global Tax Cartel

For years, large multinational corporations have been employing tax avoidance practices to exploit gaps and mismatches in tax laws, shifting profits to lower tax jurisdictions to reduce the amount of corporate tax they pay. This has led to governments looking for ways to change the international tax system to better capture the appropriate tax income in the economies where the profit is earned.

In June this year, the finance ministers of the G7 countries made a breakthrough and agreed on a proposal that aims to stop or reduce multinational companies from seeking out tax havens. In this month’s commentary we take a deeper look at this proposal to determine what it entails and who it really benefits.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.