Ireland and Netherlands set to suffer under new Biden tax plan
3 years, 9 months ago

Ireland and Netherlands set to suffer under new Biden tax plan

The Telegraph  

Ireland, the Netherlands and Switzerland are set to be the big losers under the Biden administration’s plans to link tax revenue from businesses to local sales. The US has reportedly proposed a clampdown on companies using certain countries to avoid paying higher tax as part of its plans for a huge global shake-up. It is part of the Biden administration’s push for a global minimum corporate tax rate with European leaders swinging behind the plans in recent days. Ireland, the Netherlands, Luxembourg, Switzerland, Singapore and the Caribbean are the biggest beneficiaries from US companies profit shifting and using them as tax havens, research indicates.

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History of this topic

Low Dutch corporate tax rate should be scrapped, fails to help small businesses
3 weeks ago

Low Dutch corporate tax rate should be scrapped, fails to help small businesses

NL Times  

The low corporate income tax rate is not suitable to support small and medium-sized enterprises and it would be better if it is abolished, said the Netherlands Bureau for Economic Policy Analysis after conducting research. "Of the 3 billion euros in tax benefits that the low corporate income tax rate yields this year, more than half will end up with …

The Netherlands playing a smaller role in global tax evasion than in the past
1 month ago

The Netherlands playing a smaller role in global tax evasion than in the past

NL Times  

The Netherlands is playing a smaller role in international tax evasion, an analysis from the Dutch Central Bank showed. The flow of money that enters our country and immediately leaves on its way to tax havens has been much smaller since 2020 than in previous years, the central bank noted. The Netherlands was often criticized internationally because the country was …

The Irish government is unbelievably rich. It’s largely thanks to Uncle Sam.
1 month, 2 weeks ago

The Irish government is unbelievably rich. It’s largely thanks to Uncle Sam.

Live Mint  

The country currently has so much money it pumps cash into not one but two sovereign-wealth funds. Trump has said he would cut the corporate tax rate for companies that make products in the U.S. to 15%, matching Ireland’s headline rate. Around 15% of the Irish workforce is employed by just under 1,000 U.S. companies, according to Ireland’s foreign direct …

Netherlands still plays key role in global tax avoidance
1 month, 3 weeks ago

Netherlands still plays key role in global tax avoidance

NL Times  

The Netherlands continues to play a major role in tax avoidance worldwide. As part of the “tax avoidance chain,” the Netherlands, together with the United Kingdom, Luxembourg, and Switzerland, is responsible for 33 percent of the global losses due to corporate tax avoidance. “Almost three-quarters of the 348 billion dollars lost worldwide due to corporate tax abuse ends up in …

Biden urged to raise income tax to tackle dangerous US debt
6 months, 2 weeks ago

Biden urged to raise income tax to tackle dangerous US debt

The Telegraph  

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development has said. Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare. The group urged Mr Biden – or Donald …

Deal to force multinational companies to pay a 15% minimum tax is marred by loopholes, watchdog says
1 year, 2 months ago

Deal to force multinational companies to pay a 15% minimum tax is marred by loopholes, watchdog says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy An ambitious 2021 agreement by …

Dutch Cabinet wants minimum 15% corporate tax to cut down tax avoidance; First in EU
1 year, 7 months ago

Dutch Cabinet wants minimum 15% corporate tax to cut down tax avoidance; First in EU

NL Times  

The Cabinet announced draft legislation to ensure that multinational and domestic companies in the Netherlands with an annual revenue of at least 750 million euros always pay at least 15 percent corporate tax. The minimum tax rate of 15 percent is an internationally agreed rate," the Ministry of Finance wrote in a statement. Since the beginning of the year, companies …

Time to fix the way governments tax multinational companies
1 year, 8 months ago

Time to fix the way governments tax multinational companies

Hindustan Times  

TAX COMPANIES too much, and growth will shrivel. Meanwhile the pandemic is forcing governments to find ways to plug their fiscal deficits, not least the Biden administration, which wants to increase multinationals’ tax rate. The best hope for an amicable outcome lies in a forum run by the OECD, a club of mainly rich countries, where this summer 139 countries …

EXPLAINER: How G20-backed corporate minimum tax would work
3 years, 2 months ago

EXPLAINER: How G20-backed corporate minimum tax would work

Associated Press  

ROME — Leaders at the Group of 20 summit in Rome are expressing broad support for sweeping changes in how big global companies are taxed. White House officials are saying the global minimum would result in almost $60 billion of added U.S. tax revenue. The basic idea is simple: Countries would legislate a minimum rate of at least 15% for …

EXPLAINER: How G20-backed corporate minimum tax would work
3 years, 2 months ago

EXPLAINER: How G20-backed corporate minimum tax would work

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. White House officials are saying the global minimum would …

More than 130 countries reach deal on corporate minimum tax
3 years, 2 months ago

More than 130 countries reach deal on corporate minimum tax

Associated Press  

FRANKFURT, Germany — More than 130 countries have agreed on sweeping changes to how big global companies are taxed, including a 15% minimum corporate rate designed to deter multinationals from stashing profits in low-tax countries. One reason is that countries would agree to withdraw individual digital services taxes they have imposed on them in return for the right to tax …

Over 130 countries reach deal on how big global companies are taxed, including 15% minimum corporate rate
3 years, 3 months ago

Over 130 countries reach deal on how big global companies are taxed, including 15% minimum corporate rate

Firstpost  

The deal would allow countries to tax some of the earnings of companies located elsewhere that make money through online retailing, web advertising and other activities. More than 130 countries have agreed on sweeping changes to how big global companies are taxed, including a 15% minimum corporate rate designed to deter multinationals from stashing profits in low-tax countries. It would …

EU puts plans for digital tax on hold in face of U.S. criticism
3 years, 5 months ago

EU puts plans for digital tax on hold in face of U.S. criticism

LA Times  

The European Commission’s announcement came as U.S. Treasury Secretary Janet L. Yellen, shown in May, was meeting with Eurozone counterparts and high-level EU officials. In the face of U.S. criticism, the European Commission said that its work on the digital tax, which would primarily hit American technology companies, would be temporarily shelved to allow for smooth cooperation on the political …

Yellen: Compete on economic strengths, not low tax rates
3 years, 6 months ago

Yellen: Compete on economic strengths, not low tax rates

Associated Press  

U.S. Treasury Secretary Janet Yellen said Sunday that deterring the use of tax havens will let countries compete on economic fundamentals — instead of by offering ever-lower tax rates that deprive governments of money for infrastructure and education. Yellen spoke after finance ministers from the Group of 20 major economies endorsed a global minimum corporate tax of at least 15%, …

Global corp tax overhaul faces rocky road as India, Switzerland express reservations
3 years, 6 months ago

Global corp tax overhaul faces rocky road as India, Switzerland express reservations

Live Mint  

A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have agreed to overhaul the way multinationals are taxed. With ink barely dry on the agreement, jubilant politicians in higher-tax countries declared that what French Finance Minister Bruno Le Maire termed …

Global tax overhaul endorsed by 130 nations as deal gets closer
3 years, 6 months ago

Global tax overhaul endorsed by 130 nations as deal gets closer

Live Mint  

The world took a big step toward sweeping changes to global taxation as 130 countries and jurisdictions endorsed setting a minimum rate for corporations along with rules to share the spoils from multinational firms like Facebook Inc. and Alphabet Inc.’s Google. ‘Fair Share’ U.S. Treasury Secretary Janet Yellen lauded the news, saying it was “an historic day for economic diplomacy.” …

US wins backing for global minimum corporate tax rate
3 years, 6 months ago

US wins backing for global minimum corporate tax rate

Al Jazeera  

Officials from 130 countries and jurisdictions, including India and China, have agreed on the United States’ broad outline to overhaul the global corporate tax system. Officials from 130 countries and jurisdictions have thrown their support behind the United States’ proposal to require a minimum global tax for corporations starting at 15 percent, a key step in curbing corporate tax avoidance …

G7 countries reach agreement to set "global minimum" tax rate for multinational corporations
3 years, 7 months ago

G7 countries reach agreement to set "global minimum" tax rate for multinational corporations

Salon  

This article originally appeared at Common Dreams. "The G7 has taken significant steps this weekend to end the existing harmful dynamic, making commitments today that provide tremendous momentum towards achieving a robust global minimum tax at a rate of at least 15%," U.S. Treasury Secretary Janet Yellen said Saturday. While arguing that the proposed 15% global minimum tax rate is …

The Netherlands in favor of G7 plan to eliminate tax havens
3 years, 7 months ago

The Netherlands in favor of G7 plan to eliminate tax havens

NL Times  

The caretaker Cabinet voiced their support for the plan of the seven major economies in the G7 to introduce a minimum global corporate tax rate of 15 percent. The plan would force giant tech companies such as Apple, Facebook, Google and Amazon to pay taxes in the countries where they generated their revenues. The strategy would also end the so-called …

G7 nations reach historic deal to tax multinational corporations
3 years, 7 months ago

G7 nations reach historic deal to tax multinational corporations

Al Jazeera  

A group of the world’s richest nations agree on a minimum global corporate tax rate to close cross-border tax loopholes used by some corporations. Finance ministers from the Group of Seven rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15 percent in an effort to close cross-border …

Biden tax proposal in focus at Group of 7 ministers’ meeting
3 years, 7 months ago

Biden tax proposal in focus at Group of 7 ministers’ meeting

Associated Press  

FRANKFURT, Germany — U.S. President Joe Biden’s proposals for deterring tax avoidance by multinational companies will be a major theme Friday when finance ministers from the Group of Seven wealthy democracies start talks on economic cooperation in London. Biden’s push to end what Treasury Secretary Janet Yellen has called a “race to the bottom” by low-tax countries has given new …

Biden’s corporate tax plan takes aim at income inequality
3 years, 8 months ago

Biden’s corporate tax plan takes aim at income inequality

Associated Press  

WASHINGTON — From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before — and mostly missed. Many analysts see Biden’s corporate tax plan as a gamechanger — if Congress embraces it. Penn Wharton’s analysts estimate that a 21% minimum global tax and other international provisions of Biden’s tax plan would …

Biden's corporate tax plan takes aim at income inequality
3 years, 8 months ago

Biden's corporate tax plan takes aim at income inequality

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Penn Wharton's analysts estimate that a 21% minimum global tax and other international provisions …

Germany, France Back 21% Global Minimum Corporate Tax Proposal
3 years, 8 months ago

Germany, France Back 21% Global Minimum Corporate Tax Proposal

News 18  

Germany and France on Tuesday voiced support for a call from the United States to impose a global minimum corporate tax of 21 percent, a move which targets huge multinationals like Amazon and Google. “People are fed up with big companies for not paying their fair share of taxes,” French Finance Minister Bruno Le Maire told Die Zeit weekly. Washington …

Biden’s global corporate tax plans send mixed signals
3 years, 8 months ago

Biden’s global corporate tax plans send mixed signals

The Hindu  

U nited States President Joe Biden has declared his intention to go big on spending. To make clear that the plan is not mere rhetoric, the administration proposes that the total planned investment of $3 trillion or more will be financed with an increase in the corporate tax rate in the U.S. from 21 to 28 per cent, an effort …

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes
3 years, 9 months ago

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes

Daily Mail  

President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan, saying he was tired of ordinary Americans being fleeced. Biden's tax proposal would hike the corporate tax rate to 28 per cent, increase the de facto global minimum tax and crack down on companies that pay little or no income …

Biden administration makes pitch for higher business taxes
3 years, 9 months ago

Biden administration makes pitch for higher business taxes

Live Mint  

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth. Treasury Secretary Janet Yellen said Wednesday it was “self-defeating” for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more …

Joe Biden confident that higher corporate tax will not drive companies out of U.S.
3 years, 9 months ago

Joe Biden confident that higher corporate tax will not drive companies out of U.S.

The Hindu  

U.S. President Joe Biden has exuded confidence that his proposal to hike the corporate tax is unlikely to drive companies out of the country. U.S. Treasury Secretary Janet Yellen told Chicago Council on Global Affairs that it’s important to work with other countries to end the pressures of tax competition and corporate tax-based erosion. “We’re working with G20 nations to …

U.S. Treasury Secretary calls for minimum global corporate income tax
3 years, 9 months ago

U.S. Treasury Secretary calls for minimum global corporate income tax

The Hindu  

U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration's proposed increase in the U.S. corporate tax rate. Citing a “thirty-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, …

Race to the bottom: Yellen makes case for global minimum tax rate
3 years, 9 months ago

Race to the bottom: Yellen makes case for global minimum tax rate

Al Jazeera  

The US Treasury secretary says a global minimum corporate tax rate will ensure firms pay their fair share — but critics say it’s not that simple. A global minimum corporate tax rate can help ensure everyone pays their fair share and will prevent companies from fleeing to countries with lower corporate tax rates, United States Treasury Secretary Janet Yellen said …

Biden plans to up corporate tax rates to fund infrastructure boom
3 years, 9 months ago

Biden plans to up corporate tax rates to fund infrastructure boom

Al Jazeera  

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad. “They’re not just rolling back the tax cuts from 2017,” said David Noren, a former legislative counsel to the congressional …

Europe is coming for Big Tech. Biden’s victory won’t change that
4 years, 1 month ago

Europe is coming for Big Tech. Biden’s victory won’t change that

CNN  

London CNN Business — Europe has turned itself into the cop on the Big Tech beat, repeatedly enforcing its rules and hitting the industry’s top American companies with huge fines. This week, three days after European Commission President Ursula von der Leyen congratulated Biden on his win, the European Union unveiled formal antitrust charges against Amazon for abusing its dominance …

Dutch big business profited massively from tax relief since 2008
5 years, 2 months ago

Dutch big business profited massively from tax relief since 2008

NL Times  

Big businesses in the Netherlands paid significantly less taxes between 2008 and 2017. The so-called tax burden, the tax that large companies actually pay, decreased from 22.9 percent to 17.1 percent in the past year, while the rates have not changed, Statistics Netherlands concluded in a study commissioned by the parliamentary committee on finance. Companies with assets between 40 million …

G20 meeting: A new OECD international tax propopsal finds consensus
5 years, 7 months ago

G20 meeting: A new OECD international tax propopsal finds consensus

CNN  

London CNN Business — The world’s largest economies took a big step closer this weekend to agreeing an overhaul of global corporate tax rules that experts say would be the most significant in over a century. “We welcome the recent progress on addressing the tax challenges arising from digitalization and endorse the ambitious work program that consists of a two-pillar …

The Netherlands must do more to shake off tax evasion tag: CPB
5 years, 11 months ago

The Netherlands must do more to shake off tax evasion tag: CPB

Dutch News  

Some 60% of company royalties passing through the Netherlands are sent on directly to Bermuda, the government’s macro-economic think tank CPB said in a new report on Thursday. The Netherlands has already said it will tighten up its rules for granting advance tax rulings and says no rulings will be granted if a tax structure involves a tax haven or …

The Netherlands must do more to shake off tax evasion tag: CPB
5 years, 11 months ago

The Netherlands must do more to shake off tax evasion tag: CPB

Dutch News  

Some 60% of company royalties passing through the Netherlands are sent on directly to Bermuda, the government’s macro-economic think tank CPB said in a new report on Thursday. The Netherlands has already said it will tighten up its rules for granting advance tax rulings and says no rulings will be granted if a tax structure involves a tax haven or …

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