New: G7 insiders are now expecting a breakthrough on a global minimum corporate tax rate at next week’s finance minister’s meeting in London. Full story: news.sky.com/story/global-t…
There’s been lots of movement behind the scenes on this.
Last wk the working plan was the summit would mostly be about climate change.
Now TAX is likely to dominate.
And G7 insiders say a deal in London is “doable”. Which in turn wld make a G20/OECD deal later this yr more likely
Last wk the working plan was the summit would mostly be about climate change.
Now TAX is likely to dominate.
And G7 insiders say a deal in London is “doable”. Which in turn wld make a G20/OECD deal later this yr more likely
This is big stuff.
Biggest overhaul of tax rules in a century.
But there’s ongoing negotiation between sherpas abt which companies would be affected and how the two “pillars” of this (1. changing how we calculate what taxes are owed where, 2. Global minimum rate) interact.
Biggest overhaul of tax rules in a century.
But there’s ongoing negotiation between sherpas abt which companies would be affected and how the two “pillars” of this (1. changing how we calculate what taxes are owed where, 2. Global minimum rate) interact.
So it remains to be seen where things land. And still a chance everything disintegrates between now and next Fri. But insiders say a G7 deal looks increasingly likely, esp since US cut their proposed global minimum from 21% to 15%. Anyway, full story here: news.sky.com/story/global-t…
Of course none of this answers the question of what to do about countries that don’t play ball.
Earlier this wk I reported that Ireland’s @Paschald is holding firm with his 12.5% corp tax rate.
Negotiations are ongoing behind-the-scenes abt arrangements to bring Ireland on board
Earlier this wk I reported that Ireland’s @Paschald is holding firm with his 12.5% corp tax rate.
Negotiations are ongoing behind-the-scenes abt arrangements to bring Ireland on board
https://twitter.com/EdConwaySky/status/1397229976433401866
If those talks fail then there will be talks abt the mechanisms whereby the G7 and other countries signing up to the deal can recoup those unpaid taxes, poss by blocking deductions. But we’re still a long way from that. US & G7 hopeful they can talk most countries round.
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