The leaders of the Group of Seven nations meeting in Cornwall, England, have endorsed an international push to require companies to pay a minimum tax of 15% of their income, targeting a drive by multinational corporate giants like Apple to seek out low-tax havens around the globe.
President Biden had strongly pushed the idea, saying the corporate rate-shopping had deprived governments of needed revenue while allowing some of the world’s biggest businesses to pay little in taxes.
The G-7 endorsement is expected to give momentum to a drive by the nearly three dozen Organization for Economic Co-operation and Development nations to adopt the minimum tax idea, though financial experts say the plan could prove difficult to implement fully.
The Group of 20 nations, which includes large developing economies such as India, Brazil and China, are set to consider the minimum tax idea next month.
U.S. officials also hope a broad minimum tax will head off efforts by France and others to levy a national digital services tax aimed primarily at the overseas operations of American tech giants such as Apple, Facebook and Google.
View original Post