Global tax reform: 130 countries commit to minimum corporate rate
Last edited Fri Jul 2, 2021, 03:48 AM - Edit history (1)
Source: The Guardian
Efforts to force multinational companies to pay a fairer share of tax have taken a decisive step forward after 130 countries and jurisdictions agreed to plans for a global minimum corporate tax rate.
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Some countries, however, including Ireland, Hungary and Estonia, have yet to sign up to the reforms, which are being negotiated with 139 participants in talks organised by the Paris-based OECD.
The others not to have signed at this stage are Barbados, Kenya, Nigeria, Sri Lanka and St Vincent & the Grenadines. Peru abstained because it currently does not have a government.
Several jurisdictions with low or zero corporation tax rates commonly regarded as tax havens including the Cayman Islands and Gibraltar were among signatories to the deal. Sources close to the process said it was clear to these places that the writing was on the wall.
Read more: https://www.theguardian.com/business/2021/jul/01/global-tax-reform-130-countries-commit-to-minimum-corporate-rate
I think the rest of the EU will be able to persuade Ireland, Hungary and Estonia. Getting the regular tax havens in was important.
Warpy
(111,230 posts)and we all know what that means when it comes to corporate taxes.
I don't know what they're thinking in Ireland.
Having a minimum tax rate doesn't necessarily mean they will pay it. The same accounting shenanigans will apply and the largest corporations will still skate away, especially in the US, supporting every country but their own.
muriel_volestrangler
(101,295 posts)It's a coalition government, led by Kaja Kallas of the Reform Party. Both that and the Centre Party are members of the Alliance of Liberals and Democrats for Europe - pro-EU, free-trade, socially liberal.