Treasury refuses to back Biden push for minimum corporation tax
Treasury demands crackdown on US tech companies as price for supporting White House threshold
24 May 2021 • 8:00pm
Ministers are refusing to back a global overhaul of corporation tax championed by Joe Biden unless the White House supports their demands to crack down on US tech titans.
President Biden is thought to have won round most major Western nations in his bid to impose a global minimum threshold for corporation tax, to prevent companies from sheltering profits offshore.
However, sources said that Britain has not yet given the proposal its backing because the Government is pushing for strict rules that specifically target Silicon Valley titans such as Google.
Raise inheritance tax , says the OECD Governments won t need to be told twice moneyweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweek.com Daily Mail and Mail on Sunday newspapers.
Global FDI hit 15-year low in 2020, China overtook U.S.: OECD
Global foreign direct investment flows ebbed to a 15-year low last year and China, one of the few major economies to eke out growth, overtook the United States as the top destination, OECD data showed.
As the coronavirus wreaked havoc on the global economy, global FDI flows dropped 38% in 2020 to $846 billion, the lowest level since 2005, according to the Paris-based Organisation for Economic Cooperation and Development.
That represented only 1% of global gross domestic product, a level not seen since 1999.
A recovery in cross-border mergers and acquisitions activity in the latter part of 2020 and so far this year could fuel a rebound in FDI in 2021, the OECD said.
Global FDI reached 15-year low in 2020, China overtakes US: OECD data
As the coronavirus wreaked havoc on the global economy, global FDI flows dropped 38% in 2020 to $846 billion, the lowest since 2005, according to Organisation for Economic Cooperation and Development
Reuters | May 3, 2021 | Updated 12:39 IST
Global foreign direct investment flows ebbed to a 15-year low last year and China, one of the few major economies to eke out growth, overtook the United States as the top destination, OECD data showed on Friday.
As the coronavirus wreaked havoc on the global economy, global FDI flows dropped 38% in 2020 to $846 billion, the lowest level since 2005, according to the Paris-based Organisation for Economic Cooperation and Development.