What you need to know about the global tax plan | Malay Mail

  • 📰 malaymail
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 86%

Malaysia Headlines News

Malaysia Latest News,Malaysia Headlines

PARIS, June 5 — Finance ministers from the Group of Seven industrialised countries are going over groundbreaking global tax proposals aimed at earning more revenue from multinational companies. As the G7 meets in Britain yesterday and today, here is a primer on the complex and potentially pivotal...

PARIS, June 5 — Finance ministers from the Group of Seven industrialised countries are going over groundbreaking global tax proposals aimed at earning more revenue from multinational companies.

Talks at the 38-nation OECD have been given a boost by the administration of US President Joe Biden, which has proposed a global minimum corporate tax rate of 15 per cent.The coronavirus pandemic has also added urgency to the reforms as countries need new sources of revenue to pay for huge stimulus programmes that were deployed during last year’s global recession.

Pillar two is a global minimum corporate tax rate to stop competition between countries over who can offer companies the lowest rate — what critics call a “race to the bottom”.The United States has suggested a 15 per cent rate for the minimum tax rate and has gained the support of some European countries, including heavyweights Germany and France.

In Europe, Ireland has a rate of 12.5 per cent, Bulgaria is at 10 per cent, and Hungary is at nine per cent. The pillar one reform initially targeted digital giants such as Google, Amazon, Facebook and Apple, which did not go down well in the United States.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in MY

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hopes for ‘historic’ global corporate tax deal as G7 meets | Malay MailLONDON, June 5 — Finance ministers from wealthy G7 nations yesterday moved towards supporting US-backed plans for a minimum global level of corporate tax aimed at getting multinationals — especially tech giants — to pay more into government coffers hit hard by the pandemic. British finance...
Source: malaymail - 🏆 1. / 86 Read more »

Why not hybrid proceedings? ― Hafiz Hassan | Malay MailJUNE 5 ― I am curious that former Sabah chief minister Shafie Apdal has called for a conventional parliamentary session instead of a hybrid sitting to thoroughly discuss the nation’s Covid-19 situation.  It was only a day before that de facto law minister Takiyuddin Hassan said that the...
Source: malaymail - 🏆 1. / 86 Read more »

US job growth picks up, desperate employers boost wages to attract workers | Malay MailWASHINGTON, June 5 — US employers increased hiring in May and raised wages as they competed for workers, with millions of unemployed Americans still at home because of childcare issues, generous unemployment checks and lingering fears over Covid-19. Though the pickup in job growth shown in the...
Source: malaymail - 🏆 1. / 86 Read more »

Investors eye Washington talks after big rally in infrastructure shares | Malay MailNEW YORK, June 5 — Investors will watch Washington in the coming week for clues on whether an outsized rally in shares of companies that would benefit from President Joe Biden’s proposed US$1.7 trillion (RM7 trillion) infrastructure plan has more room to run. Expectations of spending from...
Source: malaymail - 🏆 1. / 86 Read more »

Facebook imposes two-year Trump ban, revises rules for politicians | Malay MailSAN FRANCISCO, June 5 ― Facebook yesterday banned former US president Donald Trump for two years, saying he deserved the maximum punishment for violating platform rules over a deadly attack by his supporters on the US Capitol. The punishment will be effective from January 7, when Trump was booted...
Source: malaymail - 🏆 1. / 86 Read more »

Spain coach Luis Enrique wants fans to stop booing players | Malay MailMADRID, June 5 ― Spain coach Luis Enrique implored fans not to boo players after they were left frustrated by today's 0-0 draw with Portugal. With fans back in attendance at an international game in the country for the first time in over 15 months, when the Covid-19 pandemic forced matches to be...
Source: malaymail - 🏆 1. / 86 Read more »