"Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.
The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google as well as other big global businesses to pay taxes to countries based on where their goods or services are sold, regardless of whether they have a physical presence in that nation."
https://www.msn.com/en-us/news/politics/global-tax-deal-reached-among-g7-nations/ar-AAKJxyi?li=BBnb7Kz
A much overdue idea; something like 40% of direct foreign investment in nations is now geared to avoiding taxes with Luxembourg having as much FDI as the US. https://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm
@no1marauder saidWhile many will regard this as a tax grab at a global level, I believe that this is more about tax reform, or about how tax is collected.
"Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.
The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google ...[text shortened]... ttps://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm
This may not necessarily result in higher taxes collected, but rather closing the loopholes which are too often taken advantage of.
In fact, I think that closing the loopholes might actually result in lower taxes to the middle class.
@mghrn55 saidPlease, mghrn.
While many will regard this as a tax grab at a global level, I believe that this is more about tax reform, or about how tax is collected.
This may not necessarily result in higher taxes collected, but rather closing the loopholes which are too often taken advantage of.
In fact, I think that closing the loopholes might actually result in lower taxes to the middle class.
If it meant an increased revenue to - say, America, do you think those greedy pigs in Washington will correspondingly reduce taxes?
LOL, you don't know those power pigs yet, do you
@no1marauder saidGood news indeed!
"Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.
The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google ...[text shortened]... ttps://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm
@no1marauder saidI guess they will just pump more money into tax free jurisdictions to balance off the extra tax.
"Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.
The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google ...[text shortened]... ttps://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm
@no1marauder saidHard to predict its result globally, but I am for it if the USA remains the number one country in the World.
"Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.
The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google ...[text shortened]... ttps://www.imf.org/external/pubs/ft/fandd/2019/09/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm
