Finance ministers meeting in London agreed to battle tax avoidance by making companies pay more in the countries where they do business.
They also agreed in principle to a global minimum corporate tax rate of 15% to avoid countries undercutting each other.
Tech giants Amazon and Facebook are among those likely to be affected.
The deal announced on Saturday, between the US, the UK, France, Germany, Canada, Italy and Japan, plus the EU, could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis.
Negotiated over many years, it will put pressure on other countries to follow suit, including at a meeting of the G20 next month, which includes China, Russia and Brazil.
There was, however, a big compromise to get this across the line. A minimum corporation tax rate of 15% is rather low. Although European finance ministers succeeded in including the phrase “at least 15%”, which offers a path to get that number higher.
Radish the wordsmith almost 3 years ago
Putting a carburetor on the bong hits.
briangj2 almost 3 years ago
Finance ministers meeting in London agreed to battle tax avoidance by making companies pay more in the countries where they do business.
They also agreed in principle to a global minimum corporate tax rate of 15% to avoid countries undercutting each other.
Tech giants Amazon and Facebook are among those likely to be affected.
The deal announced on Saturday, between the US, the UK, France, Germany, Canada, Italy and Japan, plus the EU, could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis.
Negotiated over many years, it will put pressure on other countries to follow suit, including at a meeting of the G20 next month, which includes China, Russia and Brazil.
There was, however, a big compromise to get this across the line. A minimum corporation tax rate of 15% is rather low. Although European finance ministers succeeded in including the phrase “at least 15%”, which offers a path to get that number higher.
https://www.bbc.com/news/world-57368247
Kracklin Rosie - “Tolo Dan Nan Galad” Premium Member almost 3 years ago
Seriously, Facebook, Google, Twitter etc. needs to be broken up out of their monopolistic practices and otherwise regulated.
Zebrastripes almost 3 years ago
Sloooooooow drip