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Friday, October 22, 2021

136 countries sign up to Biden's tax reforms aimed at taming tech giants - Telegraph.co.uk

Last updated Friday, October 8, 2021 13:02 ET , Source: TopWireNews

Joe Biden has succeeded in ramming through a deal to overhaul global corporation tax as the West turns decisively against big tech.
The US President has convinced 136 countries to agree they will enforce a minimum tax rate of 15pc on major multinationals in a bid to tame some of the world’s largest corporations.
The group includes all countries in the G20, the European Union and Organization for Economic Cooperation and Development (OECD).
However, Switzerland’s finance minister said it will not be possible for the country to implement the new rules by 2023, as envisaged by the OECD, in an early sign that the transition will not be a smooth one.
Chancellor Rishi Sunak hailed the landmark deal, saying the tax reform represents "a clear path to a fairer tax system".
It comes after years of wrangling by world leaders about how to handle global tech giants such as Facebook and Apple, which typically book their profits in low-tax countries like Ireland.
Alongside the minimum 15pc headline levy, the new rules will also give countries the right to slap taxes on large companies based on where they make their sales.
Tech companies are increasingly facing a backlash over their global power and reach. Amazon has been accused by critics of destroying the high street, while Facebook has faced sharp criticism over claims that its social media services are breeding radicalism and harming users' mental health.
Ireland was one of the last major holdouts, as the country's economic model is...



Read Full Story: https://www.telegraph.co.uk/business/2021/10/08/136-countries-sign-bidens-tax-reforms-aimed-taming-tech-giants/

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