EUROPEAN UNION ESTABLISHES A MINIMUM 15% TAX RATE ON MAJOR FIRMS - FOW 24 NEWS

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EUROPEAN UNION ESTABLISHES A MINIMUM 15% TAX RATE ON MAJOR FIRMS

The historic agreement between almost 140 nations aims to put an end to governments competing to slash taxes in order to entice the biggest companies in the world to their territory.


Paolo Gentiloni, the EU's commissioner for the economy, declared that "Today the European Union has made an important step towards tax fairness and social justice."

"Minimum taxation is key to addressing the challenges a globalized economy creates."

 

The strategy was developed under the Organization for Economic Cooperation and Development's direction and was already supported by Washington and some significant EU economies.

However, the European Union's 27 member states have previously postponed the introduction of the minimum tax because they voiced opposition or used obstructionist measures.

 

Poland most recently obstructed the official passage of the bill this week by debating unrelated measures like penalties against Russia.

 

Such hesitations, however, were resolved during the summit on Thursday, and as a result, the tax will now be implemented throughout the region at the end of 2023.

 

 Leaders applauded the action.

Olaf Scholz, the chancellor of Germany, described it as a "project near to my heart," while Emmanuel Macron, the president of France, said that France has been promoting the notion for more than four years.

 

One element of the OECD accord, known as Pillar Two, is the global minimum tax.

The first pillar, which calls for taxing businesses where they generate income in order to prevent tax fraud, particularly targets large internet enterprises.

 It needs a global accord, which is still being prepared.

 

 

 

 

EUROPEAN UNION ESTABLISHES A MINIMUM 15% TAX RATE ON MAJOR FIRMS Reviewed by FOW 24 News on December 16, 2022 Rating: 5 The historic agreement between almost 140 nations aims to put an end to governments competing to slash taxes in order to entice the biggest ...

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