Original article by Glenda Korporaal
The Weekend Australian – Page: 21 & 25 : 3-Jul-21
The OECD estimates that the new minimum corporate tax rate of 15 per cent could generate up to $US150bn ($201bn) in additional global tax revenue. The global tax regime has been backed by 130 countries and jurisdictions, including Australia; they have agreed to exclude ‘extractive industries’ such as mining and energy from the regime, which will make Australian companies in these sectors more attractive to international investors. Jones Day tax partner Niv Tadmore says large global companies will no longer be able to shelter their profits in other jurisdictions to avoid paying tax. This will include digital giants such as Google and Facebook, which have been widely criticised over the amount of tax they pay.
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, JONES DAY, GOOGLE INCORPORATED, FACEBOOK INCORPORATED
Original article by Richard Partington
The Guardian – Page: Online : 2-Jul-21
The OECD has advised that 130 countries and jurisdictions have agreed to plans for a global minimum corporate tax rate. The principle of the agreement is that multinationals would be compelled to pay a minimum of 15 per cent tax in each country in which they operate, with the global minimum tax rate expected to raise around $US150 billion. The agreement also looks to curtail profit shifting, with over $US100 billion (Stg73 billion) expected to be raised by curbing this activity.
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
Original article by David Milliken, Kate Holten
The Australian Financial Review – Page: Online : 7-Jun-21
The Group of Seven finance ministers have committed to a deal that would see a minimum global corporate tax rate of at least 15 per cent. US Treasury Secretary Janet Yellen said it would mean an end to what she referred to as a "race to the bottom on global taxation", while Facebook has stated that it expects to pay more tax in more countries as a result of the deal. German finance minister Olaf Scholz claimed the deal was "bad news for tax havens around the world", but Irish finance minister Paschal Donohoe said any global deal needs to take small nations into account; Ireland has a corporate tax rate of just 12.5 per cent.
GROUP OF SEVEN (G-7), UNITED STATES. DEPT OF THE TREASURY
Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 6-Jan-20
The OECD and the Group of 20 are heading an initiative to re-write international tax laws to cope with the digital age. The proposed system could include an effective minimum rate of global tax and the adoption of new global allocation rules. Some countries have sought to act unilaterally in the adoption of digital services taxes on US digital companies like Google and Facebook, but the Trump administration has sought to ‘punish’ such countries by the imposition of tariffs. There are hopes a new international tax system could be in place by the end of 2020, but some tax experts have their doubts.
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GROUP OF TWENTY (G-20), FACEBOOK INCORPORATED, GOOGLE INCORPORATED
Original article by Annabel Hepworth
The Australian – Page: 18 : 19-Aug-14
Stephen Martin, CEO of the Committee for Economic Development of Australia, will issue a paper on 18 August 2014 that calls for the Federal Government to ensure tangible outcomes are achieved when the nation hosts the Group of 20 (G20) leaders’ summit later in the year. A major issue will be action by G20 members to crack down on tax evasion via profit shifting by multinational corporations. Martin warns that diplomatic disputes such as that with Russia over its actions in Ukraine must not detract from the G20 agenda
GROUP OF TWENTY (G-20), COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSMIN, UNITED STATES. DEPT OF STATE