MISSEDLINK

global Tax Reform: 130 Countries commit to minimum Corporate Rate - the Guardian: LINK ¤ the GUARDIAN

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• "landmark moment for world economy with OECD plan - that also covers prevention of profit-shifting !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "efforts to force multinational companies to pay a fairer share of tax - take a decisive step forward !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "after 130 states and countries agree to plans - for a global minimum corporate tax rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "in a landmark moment for the world economy - the Organisation for Economic Co-operation and Development - OECD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "issues a statement committing each of the countries to a two-pillar plan - to radically reshape the global tax system !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "building on an agreement between the G7 a month earlier - the breakthrough brings together all of the nations in the G20 group !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "some single countries, however, including Hungary, Estonia, and Ireland - have yet to sign up to the reforms !"

 

 

 

 

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• "which are being negotiated with 139 participants - in talks organised by the Paris-based OECD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the others not to have signed at this stage were Barbados, Kenya, Nigeria, Sri Lanka, and St Vincent & the Grenadines - and Peru abstained !"

 

 

 

 

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• "several jurisdictions commonly regarded as tax havens - including the Cayman Islands and Gibraltar - are among signatories to the deal !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "sources close to the process said it is clear to these places - that the "writing is on the wall"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the principle of the agreement is that multinationals are forced - to pay a minimum of 15% tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "in each country - they operate in !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it also includes plans to prevent the shifting of profits into tax havens - by tech companies and multinationals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "by enabling signatory countries to tax the companies - based on revenues generated within their borders !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "more than US$ 100bn - is expected to be raised by curbing profit shifting !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "about US$ 150bn is expected to be raised - from the global minimum tax rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the global deal should be finally agreed by October - and implemented in 2023 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "Mathias Cormann, the OECD’s Secretary General, says: "after years of intense work - and negotiations !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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• "this historic package ensures that multinational companies - pay their fair share of tax everywhere !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "this package sets multilaterally agreed limitations - on tax competition !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the 130 nations that have signed so far - account for 90% of the world economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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130 Countries and Jurisdictions join bold new Framework for international Tax Reform - OECD: LINK ¤ OECD

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• "130 countries and jurisdictions - join the new two-pillar plan !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to reform international taxation rules - and ensure that multinational enterprises !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "pay a fair share of tax - wherever they operate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the new framework for international tax reform - updates key elements of the century-old international tax system !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "which was no longer fit for purpose - in a digitalised 21st century economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the two-pillar package, coordinated by the OECD - ensures that Multinational Enterprises - MNEs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "pay tax where they operate - and earn profits !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "while adding certainty and stability - to the international tax system !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "Pillar One ensures a fairer distribution of profits - and taxing rights among countries !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "with respect to the largest MNEs - including digital companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it re-allocates some taxing rights over MNEs - from their home countries !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to the markets where they have business activities - and earn profits !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "regardless of whether firms - have a physical presence there !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "Pillar Two introduces a - global minimum corporate tax rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "that countries can use - to protect their tax bases !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the two-pillar package provides support to governments - to raise necessary revenues !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to repair their budgets - and their balance sheets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "while investing in essential public services - infrastructure !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and the measures necessary to help optimise - the quality of the recovery !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "under Pillar One, taxing rights on more than US$ 100 billion of profit - are expected to be reallocated each year !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the global minimum corporate income tax under Pillar Two - with a minimum rate of at least 15% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "is estimated to generate around US$ 150 billion - in additional global tax revenues annually !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "additional benefits also arise from the stabilisation - of the international tax system !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and the increased tax certainty for taxpayers - and tax administrations !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "participants in the negotiation set a timeline - this includes an October 2021 deadline for finalising the remaining technical work on the two-pillar approach !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "as well as a plan for effective implementation - in 2023 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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the G7 agree on Tax Reform - the Guardian: LINK ¤ the GUARDIAN

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• "the new reforms force multinationals to pay tax - in all countries they operate in !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the G7 group of states signs a historic tax agreement - to tackle tax abuses of e.g. online technology companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "agreeing to a minimum - global corporate tax rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "there are two main pillars - one enables countries to tax some of the profits made by multinationals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "based on the revenue they generate in that country - rather than where the firm was located for tax purposes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "countries where multinationals generate revenue - are awarded new taxing rights - on at least 20% of profit !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and a second setting a minimum global corporation tax rate - of at least 15% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the Biden Administration suggested about 100 multinationals - are within the scope of pillar one !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the minimum global corporation tax rate, under pillar two - is expected to capture far more companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "up to about 8,000 - multinationals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "Amazon and Facebook are expected to fall under the global minimum rate - according to the US Janet Yellen !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "analysis by the EU Tax Observatory indicates it also catches companies - such as the oil companies BP, Shell, Iberdrola, and Repsol !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the mining firm Anglo American, telecoms firm BT - and banks such as HSBC, Barclays, and Santander !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the EU Finance Ministers believe the rules will be difficult to avoid - especially with the backing of the world’s biggest western economies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the strength of the G7 deal means low-tax member states - cannot afford to isolate themselves !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "but the UK Rishi Sunak had pushed for an exemption - in the "pillar one" agreement !"

 

 

 

 

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• "there financial services - and natural resources companies - were not included !"

 

 

 

 

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• "however, finance firms and mining companies - are subject to the minimum tax rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the agreement to tax Google and Facebook - is historic !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "but Amazon had avoided the pillar one rule - because its profit margin in 2020 was only 6.3% !"

 

 

 

 

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• "is expected to lead the EU to push for a broader scope - to be applied to capture parts of the company’s business and to raise more tax from other firms !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "under the global minimum tax, each country will collect the underpaid taxes - of its own multinationals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "for example, if a firm has operations in Singapore - if taxes were lower there than the minimum rate ?!"

 

 

 

 

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• "it will impose an additional tax on those profits - to reach the minimum rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "if a company had moved its headquarters to a low-tax jurisdiction - the rules will allow a country !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to apply the minimum rate to the firm’s operations - within its borders !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "if its new parent country - did not apply the minimum rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "it is understood to focus on an approach known as - "segmentation"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "meaning profitable parts of businesses - will pay tax in their own right !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "under such a rule, Amazon would pay tax in other countries - on profits of subsidiaries !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "such as Amazon Web Services - its web hosting arm !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "many EU nations introduce unilateral digital services taxes - until a global deal is in place !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the Tax Justice Network advocacy group estimates - that a 21% minimum rate !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "would bring in US$ 640bn - in underpaid tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

 

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automatic Exchange of Information - OECD - PDF: LINK ¤ OECD

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• "the G20 Finance Ministers and Central Bank Governors fully endorse - the OECD proposal !!!!!!!!!!!!"

 

 

 

 

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• "for a truly global model for - automatic exchange of information - AEOI !!!!!!!!!!!!"

 

 

 

 

 

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• "the AEOI standard provides for the regular, automatic exchange between governments - of all relevant financial information !!!!!!!!!!!!"

 

 

 

 

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• "including account balances - interest - dividends - and sales proceeds - from financial assets !"

 

 

 

 

 

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• "from accounts held by individuals and entities - including trusts and other arrangements - in foreign financial institutions !"

 

 

 

 

 

 

 

 

 

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global Crackdown on Offshore secret Tax Accounts yields € 37bn - Financial Times: LINK ¤ FINANCIAL TIMES

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• "the OECD publishes its global standard - for automatic information exchange !!!!!!!!!!!!"

 

 

 

 

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• "the OECD Secretary-General Angel Gurría says:  "for a world where tax cheats - have nowhere left to hide !!!!!!!!!!!!""

 

 

 

 

 

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• "but more than half a million taxpayers have already taken advantage of voluntary disclosure programmes - which offer reduced penalties to taxpayers !!!!!!!!!!!!"

 

 

 

 

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• "the € 37bn collected through the disclosure schemes - offered by a range of countries !!!!!!!!!!!!"

 

 

 

 

 

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• "this is a sign that the crackdown on bank secrecy, and offshore - has already a big impact !!!!!!!!!!!!"

 

 

 

 

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• "more than 65 countries have already publicly committed - to implement automatic information exchange !!!!!!!!!!!!"

 

 

 

 

 

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• "including Switzerland - Luxembourg - Singapore - and British Overseas Territories !!!!!!!!!!!!"

 

 

 

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• "and over 40 have committed to a specific and ambitious timetable - leading to the first automatic information exchanges earlier !!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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common Standard on the Information to be reported by Financial Institutions - OECD - PDF: LINK ¤ OECD

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• "the reporting regime requires a broad scope across three dimensions - the scope of financial information reported !!!!!!!!!!!!"

 

 

 

 

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• "different types of investment income - including interest - dividends - and similar types of income !"

 

 

 

 

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• "and address situations where a taxpayer seeks to hide capital - e.g. by requiring information on account balances !"

 

 

 

 

 

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• "the reporting of accountholders not only with respect to individuals - but also to limit the opportunities !!!!!!!!!!!!"

 

 

 

 

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• "for taxpayers to circumvent reporting - by using interposed legal entities - or arrangements !"

 

 

 

 

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• "this means requiring financial institutions to look through shell companies - trusts - or similar arrangements !"

 

 

 

 

 

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• "a comprehensive reporting regime of financial institutions covers not only banks - but also other financial institutions !!!!!!!!!!!!"

 

 

 

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• "brokers - certain collective investment vehicles - and certain insurance companies !"

 

 

 

 

 

 

 

 

 

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G20: Tax Reform Plan - the Guardian: LINK ¤ the GUARDIAN

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• "the Finance Ministers from the G20 endorse the first internationally co-ordinated attempt - to reduce tax avoidance !!!!!!!!!!!!"

 

 

 

 

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• "co-ordinated by the OECD - the new tax reform action plan - wins the support of wider G20 members !!!!!!!!!!!!"

 

 

 

 

 

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• "the initiative follows a string of high-profile tax exposés by politicians - whistleblowers - anti-poverty campaigners - and journalists !!!!!!!!!!!!"

 

 

 

 

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• "shining a light on corporate structures of Vodafone - Google - Amazon - Starbucks - Diageo - Cadbury - and Apple !"

 

 

 

 

 

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• "the OECD Secretary-General Angel Gurría says:  "multinationals have to pay - their fair share of taxes !!!!!!!!!!!!!"

 

 

 

 

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• "the action plan sets out - 15 initiatives !!!!!!!!!!!!"

 

 

 

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• "for arming tax authorities - around the world !!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

OECD and G20 Tax Reforms - the Guardian: LINK ¤ the GUARDIAN

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• "the G20 is backing the OECD plan - to crack down on tax avoidance !!!!!!!!!!!!"

 

 

 

 

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• "forcing multinationals to disclose - to every tax authority !!!!!!!!!!!!"

 

 

 

 

 

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• "a country-by-country breakdown of profits - sales - and tax !"

 

 

 

 

 

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• "tougher rules for assets such as brands - and intellectual property rights !"

 

 

 

 

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• "to tax havens where there is little - or no associated business activity !"

 

 

 

 

 

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• "and a requirement on multinationals to disclose - the most aggressive "tax planning"  !"

 

 

 

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• "structures - to the authorities !"

 

 

 

 

 

 

the Time is up for Tax Avoidance - the Guardian: LINK ¤ the GUARDIAN

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• "France's Finance Minister Pierre Moscovici says - the 15-point action plan !!!!!!!!!!!!"

 

 

 

 

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• "which has been produced by the OECD club - is a major breakthrough !!!!!!!!!!!!"

 

 

 

 

 

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• "and is at the heart - of the social contract !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "France backs the OECD plan to overhaul international tax rules - closing loopholes of multinational corporations !!!!!!!!!!!!"

 

 

 

 

 

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• "these situations are literally - impossible to explain !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to our - fellow citizens !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "people and companies have to pay the taxes - that are due !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "everyone must pay - their fair share of tax !!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "but there had been opposition from the US - which tried to water down the proposals !"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAX REFORM - Wikipedia EN: LINK ¤ TAX REFORM

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• "tax reform is the process of changing the way taxes are collected or managed - and the changing of taxes themselves !!!!!!!!!!!!"