FILE PHOTO: European Economic Commissioner Paolo Gentiloni addresses a news conference on the EU's winter economic forecast, in Brussels Belgium February 13, 2020. REUTERS/Yves Herman/File Photo
Outdated cross-border tax rules are set to be rewritten under a joint pledge from 137 states to reform a system that has been strained to breaking point by companies like Amazon, Facebook and Google which have booked profits in low-tax countries like Ireland, no matter where their customers are located.
The U.S. has in principle accepted the reform but has proposed to give multinational companies the option of being taxed under existing rules or the future arrangements which are under negotiation at the Organization for Economic Cooperation and Development , a global body responsible for tax standards.
He added, however, that he was still confident in a preliminary deal in July, which could be facilitated by talks at a G20 meeting of finance ministers from the world’s most industrialized countries from Feb. 20-23 in Riyadh, Saudi Arabia.
no amount of tax is gonna worry fakebook so bring it on
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