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G-20 finance ministers back plan to stop use of tax havens
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G-20 finance ministers back plan to stop use of tax havens - New Delhi Times - India s Only International Newspaper
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Freeland said the first pillar of the plan includes allocating taxing rights to market jurisdictions where the world s largest multinational corporations do business regardless of whether they have a physical presence there, she said.
The second prong involves a 15 per cent global minimum corporate levy to deter big companies from making use of low-rate tax havens, a scheme that has cost governments across the world billions of dollars. This is really bringing the global tax system in line with the realities of the global economy of the 21st century, Freeland said in a Saturday teleconference. This is an opportunity for us to act together to end tax arbitrage, to end jurisdiction shopping by multinationals.
Global tax overhaul gains pace The top economic officials formally threw their support behind a proposal for a global minimum tax of at least 15 per cent that each country would adopt
Global leaders on Saturday agreed to move ahead with what would be the most significant overhaul of the international tax system in decades, with finance ministers from the world’s 20 largest economies backing a proposal that would crack down on tax havens and impose new levies on large, profitable multinational companies.
If enacted, the plan could reshape the global economy, altering where corporations choose to operate, who gets to tax them and the incentives that nations offer to lure investment. But major details remain to be worked out ahead of an October deadline to finalize the agreement and resistance is mounting from businesses, which could soon face higher tax bills, as well as from small, bu