G7 countries agreed to commit to a global minimum tax on companies of 15 percent.

[Juks]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

 

[Mycroft]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

A "pledge"...a "commitment"...worthless unless those G7's change their laws.

Hell, we don't even have that law here in the US. All we have is Biden's puppet masters "talking to Republicans" about it.

Let me know when laws actually change.

 

[Greenbeard]

Almost feels weird to see the U.S. exercising global leadership again.

 

[bongsaway]

A "pledge"...a "commitment"...worthless unless those G7's change their laws.

Hell, we don't even have that law here in the US. All we have is Biden's puppet masters "talking to Republicans" about it.

Let me know when laws actually change.

After all people always follow the law, especially republicans, they are the party of law and order. It must be tough being so negative all the time?

 

[Allan]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

Well done.

 

[washunut]

Well done.

Which country in the G-7 will this impact? Who must raise their rate due to this historic arrangement?

 

[Allan]

Which country in the G-7 will this impact? Who must raise their rate due to this historic arrangement?

They don't have to raise their tax rate, they need to establish a floor of 15% that no company could evade regardless of loopholes.

 

[code1211]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

Let's examine the premise for this.

Morons in government, operating under the delusion that they are not morons, are trying to outsmart the smartest people on the planet. They actually believe they can succeed. Another sign that they are morons.

Do you think the government morons play circus music while they conduct their Ultra Secret Star Chamber Circle Jerk Meetings? Maybe actually dress up like clowns?

What level of narcissistic hubris is needed for these clowns to believe they are as smart as they believe themselves to be?

Yacht dealers await repeal of luxury tax Levy has squeezed a hurting industry

Boat dealers in Maryland and across the nation are hoping that Congress will soon throw them a lifeline by repealing a luxury tax on yachts that has crippled an industry already wracked by the rece…

www.baltimoresun.com

 

[washunut]

They don't have to raise their tax rate, they need to establish a floor of 15% that no company could evade regardless of loopholes.

Not sure what they agreed would be taxed. It does say rate, so it does not say anything about current loopholes. Perhaps that will be the case but we will see.

For example the U.S. could not sign this in good faith until it changes corporate tax law.

 

[ElChupacabra]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

It's an interesting start, but something like this could have dire implications for a country like Ireland who has used low tax rates as a big draw for large corporations. At least with other European countries in an initial agreement that reduces the risk of those companies leaving Ireland. I'll be curious to see how this plays out once the details start getting drafted.

 

[Grand Mal]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

Isn't the EU considered one of the G7?
But the point remains, this would just make Bermuda, say, more attractive.

 

[bave]

The G7 is meaningless here. All it takes is one decent country to undermine the whole idea, like Ireland. Ireland has already laughed at this idea.

 

[ElChupacabra]

Isn't the EU considered one of the G7?
But the point remains, this would just make Bermuda, say, more attractive.

Therein lies the rub. However, for companies looking to establish themselves in stable countries with a highly skilled workforce, the options tend to point toward the industrialized nations.

 

[Grand Mal]

The G7 is meaningless here. All it takes is one decent country to undermine the whole idea, like Ireland. Ireland has already laughed at this idea.

It depends on unanimity in Europe, does it? If that's the case, not much can ever be accomplished at these conferences.

 

[Peter]

Isn't the EU considered one of the G7?
But the point remains, this would just make Bermuda, say, more attractive.

No, because the EU isn't a country.
I see what you mean but the G7 is about individual economies.

 

[Peter]

A "pledge"...a "commitment"...worthless unless those G7's change their laws.

Hell, we don't even have that law here in the US. All we have is Biden's puppet masters "talking to Republicans" about it.

Let me know when laws actually change.

Yes, how dare the US join with other countries to try and sort a problem.

Interesting side note this agreement is mainly a UK proposal and the UK was the only holdout for the overall tax policy as it the US wanted to not implement the minimum tax on web companies like Google or Amazon.
That's why it being signed in London is a big deal it's been well documented here and been discussed for years.

The UK argument is simply that sales and profits in the UK by such companies should be able to be taxed by the UK.

 

[Juks]

It depends on unanimity in Europe, does it? If that's the case, not much can ever be accomplished at these conferences.

You have to start somewhere. EU is a member (even if it isn't reflected in the name) but negotiations between member countries will follow . Pointing at Ireland is relevant. But usually EU solve these issues by compensating the countries that would be affected so, I believe it is only a matter of compensation and making the others to agree to those compensations. And it is as Allan say, a floor and means that the members of G7 commit to have a tax off at least 15%. The ones benefiting is off course the country of origin of those big companies since there will be no point in moving the headquarters elsewhere. For companies like Twitter and Google though it could be a benefit to move outside US, Canada, Japan and the EU , but for others that means leaving that (free) market and could result in extra costs. But maybe Australia that has pretty good deals with most countries is an alternative, I don't know.

I am however quite sure that the G7 countries finance ministers have thought about both the distribution of services and on Australia and have a plan for that.

 

[Grand Mal]

No, because the EU isn't a country.
I see what you mean but the G7 is about individual economies.

Ah. I thought they were a bloc in the G7.

 

[Peter]

Ah. I thought they were a bloc in the G7.

To be fair to you I don't see any time when an agreement is made by the G7 and then not adopted by the whole EU as both Germany and France would veto any agreement they didn't think could get approved by the EU so it sort of is in reality.

 

[Juks]

No, because the EU isn't a country.
I see what you mean but the G7 is about individual economies.

EU is a ¨non-enumerated¨ member and does not assume the rotating G7 presidency. But is still a member...
Since 1981 the President has attended all sessions of the G7. The EU is currently represented by the Commission President and the President of the European Council.

 

[JustAFella]

Let's examine the premise for this.

Morons in government, operating under the delusion that they are not morons, are trying to outsmart the smartest people on the planet. They actually believe they can succeed. Another sign that they are morons.

Do you think the government morons play circus music while they conduct their Ultra Secret Star Chamber Circle Jerk Meetings? Maybe actually dress up like clowns?

What level of narcissistic hubris is needed for these clowns to believe they are as smart as they believe themselves to be?

Yacht dealers await repeal of luxury tax Levy has squeezed a hurting industry

Boat dealers in Maryland and across the nation are hoping that Congress will soon throw them a lifeline by repealing a luxury tax on yachts that has crippled an industry already wracked by the rece…

www.baltimoresun.com

Your counter proposal of doing nothing because it is hard is duly noted.

 

[code1211]

Not sure what they agreed would be taxed. It does say rate, so it does not say anything about current loopholes. Perhaps that will be the case but we will see.

For example the U.S. could not sign this in good faith until it changes corporate tax law.

I know in the US the are many states that assess corporate tax that must be paid as well as the one levied by the Feds. Whatever the Federal Rate is, there is another 0 to 10 or so % added based on the specific state.

I don't know if other countries have similar multiple levels of corporate tax levied.

It seems reasonable to consider all levels of tax liability are considered in companies deciding where to locate their facilities.

 

[washunut]

I know in the US the are many states that assess corporate tax that must be paid as well as the one levied by the Feds. Whatever the Federal Rate is, there is another 0 to 10 or so % added based on the specific state.

I don't know if other countries have similar multiple levels of corporate tax levied.

It seems reasonable to consider all levels of tax liability are considered in companies deciding where to locate their facilities.

Good point and one not often raised. In addition corporations pay payroll taxes that folks never consider. Corporations here also pay for their workers health insurance which is part of the tax burden in other nations.

 

[code1211]

Your counter proposal of doing nothing because it is hard is duly noted.

In many cases, doing nothing beats executing stupidities based on bad ideas and poorly considered goals.

The Democrat and, by extension, the Globalist prescription for all government action(s):

"If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it."

 

[EMNofSeattle]

G7 Commits To "At Least 15% Global Minimum Corporate Tax"

Finance ministers from wealthy G7 nations on Saturday pledged to commit to a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan.

www.ndtv.com

The purpose of a minimum level of tax is to prevent large multinational companies from shifting their profits to countries with the lowest corporate taxes. The agreement means that giants such as Google, Amazon and Facebook, which often located offices in low-tax countries, may now be forced to pay billions of dollars more in taxes than today. But we'll see,smaller countries within Europe may see it as an opportunity

Vladimir Putin sees an opportunity I’m sure