CERNOBBIO , Sept 6 — Nobel economics prize laureate Joseph Stiglitz praised international backing for a global tax on corporations but said the minimum rate agreed by governments to battle “the dark side of globalisation” remains too low.
“The system of multinationals’ taxation, which is over 100 years old, is not suited for a 21st century globalised economy,” he said. But some nations are opposed to the plan, most notably Ireland, which has lured the likes of Apple and Google to its shores with a 12.5 per cent rate. He said the agreement has also put an end to a “terrible tax war” that started under the Donald Trump presidency which slapped retaliatory tariffs on wine and other EU products in response to digital taxes imposed by France, Spain and others on US tech companies.Stiglitz vs Austerity
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