“Revolution” – Scholes expects a worldwide minimum tax “in a few weeks”
In the year-long fight for an international minimum tax for companies, an agreement could soon be reached: Federal Finance Minister Olaf Scholes and his French counterpart talked about a breakthrough.
DGermany and France hope to reach an agreement soon on the minimum tax for companies worldwide. Federal Finance Minister Olaf Scholes (SPD) said Wednesday in a video conference with French Finance and Finance Minister Bruno Le Meyer that a turning point is imminent. Le Myre expressed hope that the G7 finance ministers’ meeting would pave the way for a historic agreement next Friday.
“I have a good feeling that in a few weeks we will be able to agree on a revolution in international corporate taxation,” Scholes said of the four years of negotiations. Like Le Meyer, he appealed to other countries to join the US proposal.
Washington has proposed a minimum tax rate of 15 percent for international companies. Recently, Ireland has expressed serious concerns. Many technologies and pharmaceutical companies are based there because of the low tax rate. Because there are relatively low tax rates.
France also hopes for an international push to impose digital taxes on large Internet companies. Le Meyer hopes that “all major digital corporations” will come under the new tax regime, including Amazon.
The G7 finance ministers are due to meet in London next week. Heads of state and government of seven major industrialized nations will meet on June 11 in Cornwall. Scholes and Le Meyer hope for an agreement between the G20 countries and the OECD.
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