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Treasury concern over impact of President Biden s global tax crackdown
Britain and Europe would get much-wanted cash from US tech giants - but their own firms risk getting clobbered by the US in return
9 April 2021 • 3:38pm
Treasury officials are urgently reviewing what US President Joe Biden’s plans for a sweeping tax crackdown would cost British business before the UK backs his proposals.
Mandarins publicly welcomed the White House bid to overhaul the international tax system so that large companies pay more in the countries where they make their money, but stopped short of giving their full support to the scheme.
Last modified on Fri 9 Apr 2021 16.57 EDT
Rishi Sunak has been urged to throw his full weight behind US proposals for a global minimum corporate tax rate after analysis showed it would bring in an extra £13.5bn a year for the public purse.
The campaign group Tax Justice UK said the Biden administration plan would help raise billions of pounds a year for the UK exchequer by hitting multinationals and US tech companies operating in the country with higher tax bills, including firms such as Amazon, Apple, Google owner Alphabet and Facebook.
Under the US blueprint, the worldâs 100 most profitable multinationals would be forced to pay taxes to national governments based on the sales they generate in each country, irrespective of where they are based. It would also establish a global minimum tax rate to help bring an end to profit-shifting by multinationals and discourage countries from undercutting each other on tax rates. Washington has suggested a rate of 21%.