138 countries and jurisdictions agree historic milestone to implement global tax deal

[searcher]

Was going to post this in the politics section but decided to post it here because it has to do with the digitalization of the economy.

138 countries and jurisdictions agree historic milestone to implement global tax deal​

12/07/2023 - Yesterday, 138 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) - representing over 90% of global GDP - agreed an Outcome Statement recognising the significant progress made and allowing countries and jurisdictions to move forward with historic, major reform of the international tax system. The Two‐Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy will ensure a fairer distribution of profits and taxing rights among countries and jurisdictions with respect to the world’s largest Multinational Enterprises (MNEs).

Read the rest:

https://www.oecd.org/tax/138-countries-and-jurisdictions-agree-historic-milestone-to-implement-global-tax-deal.htm

 

[searcher]

More:

International collaboration to end tax avoidance​

https://www.oecd.org/tax/beps/

 

[CiscoKid]

History has shown us that no matter how much they take from us, it will never be enough.

 

[nickndfl]

If BRICS keeps taxes low they will take over.

 

[searcher]

$1 trillion in unpaid corporate taxes sparks UN tussle​

The IRS is cracking down on domestic tax evasion by going after wealthy individuals and complex private partnerships, but some of the biggest tax evaders — U.S. multinational corporations — are still exploiting legal gray areas to stash money overseas and keep it out of the government’s reach.

Fed up with a stalled international effort at the Organization for Economic Cooperation and Development (OECD) to rein in the use of tax havens and put a global corporate minimum tax into force, African countries at the United Nations are now leading a charge for greater transparency and fairness in international tax.

$1 trillion a year lost to tax havens​

In 2022, profits stowed in tax havens by giant companies totaled $1 trillion, amounting to about 35 percent of foreign profits, according to the EU Tax Observatory’s 2024 global tax evasion report, published this week.

“Foreign profits are the profits made by multinational companies outside of their headquarter country – they include, for instance, the profits booked by Apple outside of the United States, by BMW outside of Germany, and by Toyota outside of Japan. In 2022, according to the best available estimates, profits shifted to tax havens totaled $1 trillion globally,” the report’s researchers found.

More:

$1 trillion in unpaid corporate taxes sparks UN tussle

The IRS is cracking down on domestic tax evasion by going after wealthy individuals and complex private partnerships, but some of the biggest tax evaders — U.S. multinational corporations — are sti…

thehill.com

 

[searcher]

Latest update:

Trump declares OECD tax deal has 'no force or effect' in the US​

(Reuters) - President Donald Trump on Monday signed an executive action declaring that the global minimum corporate tax deal supported by the Biden administration and negotiated with more than 100 other countries has "no force or effect" within the U.S. barring an act of Congress adopting the deal.

More:

https://www.msn.com/en-us/money/oth...S&cvid=b6f71c554b124811ab2fc3c09b0d6f03&ei=20

 

[Voodoo]

Well that's good at least.