Just a few hours ago, the United States President Joe Biden has called for a minimum corporate tax of 21% worldwide, and has proposed that the largest multinationals pay taxes where they generate profits.
The reason is because the increasingly...More
Just a few hours ago, the United States President Joe Biden has called for a minimum corporate tax of 21% worldwide, and has proposed that the largest multinationals pay taxes where they generate profits.
The reason is because the increasingly sophisticated tax engineering industry has caused that today tax avoidance has exploded with almost none limits, which has grown in the heat of globalization and digitization ( smartphones, WIFI connections, computers, cell phones and social media).
Many multinationals, tax havens and low-tax territories, some of them located at the same EU.
The Washington's proposal, advanced by the Secretary of the Treasury, Janet Yellen, is part of an ambitious plan, which also provides for raising the national corporate tax and setting a minimum effective rate of 15% on after tax profits,so that the economy of the United States recovers their economy right after the pandemic.
The furor has been widespread over a shared problem.
From the EU to the French, Italian, Spanish or German government, to the IMF, they have applauded the initiative.
If the pressure from Biden is strong, Ghosh believes that the rules of the game will change: "Governments and citizens around the world have much to gain, and the power of some large corporations must not be allowed to prevent it."
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President Biden delivers public speech on war in Ukraine from Warsaw, Poland.