{"id":3415,"date":"2021-10-13T16:18:06","date_gmt":"2021-10-13T16:18:06","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/136-countries-agree-to-global-minimum-tax-for-corporations"},"modified":"2021-10-13T16:36:04","modified_gmt":"2021-10-13T16:36:04","slug":"136-countries-agree-to-global-minimum-tax-for-corporations","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/136-countries-agree-to-global-minimum-tax-for-corporations","title":{"rendered":"136 countries agree to global minimum tax for corporations"},"content":{"rendered":"

Africa-Press<\/a> – Namibia<\/a>. <\/strong><\/span>MORE than 130 countries have signed on to a deal that would tax multinationals at a minimum rate of 15% in a bid to clamp down on profit shifting and aggressive tax avoidance by some of the world’s biggest multinational companies.<\/p>\n

The agreement, pushed by the United States and coordinated by the Organisation for Economic Cooperation and Development (OECD), would also require companies to pay taxes in the countries where they do business.<\/p>\n

Civil society groups have slammed the deal, decrying what they say are its many loopholes and accusing the international community of pandering to tax havens and corporate giants.<\/p>\n

Coming after years of corporate tax scandals, the agreement takes aim at tax havens that have used sweetheart deals and low corporate tax rates to lure international business customers seeking to slash billions of dollars from tax bills.<\/p>\n

Tax expos\u00e9s that have been credited with building momentum for the international agreement include the International Consortium of Investigative Journalists’ Paradise Papers and Lux Leaks, which uncovered extensive and baroque measures firms take to move profits to tax havens to lower their tax bills.<\/p>\n

In a so-called \u201ctwo-pillar\u201d approach, the new OECD deal sets a minimum 15% global corporate tax rate, and also empowers governments to tax multinational companies \u2014 like Amazon and Facebook \u2014 in the countries where their goods or services are sold, regardless of whether the company has a physical presence there.<\/p>\n

The OECD says 136 countries and territories have now signed on, after Hungary, Ireland and Estonia ratified the deal on Thursday and Friday last week.<\/p>\n

OECD secretary general Mathias Cormann hailed the agreement as a \u201cmajor\u201d diplomatic victory that will make the international tax arrangements \u201cfairer\u201d.<\/p>\n

\u201cIt is a far-reaching agreement which ensures our international tax system is fit for purpose in a digitalised and globalised world economy,\u201d he said in a statement. \u201cWe must now work swiftly and diligently to ensure the effective implementation of this major reform,\u201d he said.<\/p>\n

The final details of the deal still remain tentative and the agreement reached Friday includes a number of significant carve-outs. The group of nations agreed to a two-year ban on enacting new taxes on tech firms like Amazon and Google, according to the Financial Times.<\/p>\n

This was seen as a win for the United States, which is home to some of the largest global tech giants. Prominent advocacy groups have been quick to pick holes in the agreement that they say unfairly advantages the world’s wealthier countries.<\/p>\n

The Tax Justice Network criticised the OECD for failing to live up to the \u201coriginal ambition\u201d of the plan, and said that the watered down measures mean that only a \u201csliver of the profits\u201d of multinationals will become taxable, while incentives to shift profits remain sizeable.<\/p>\n

\u201cIt’s no wonder that Ireland and other havens have embraced the deal, especially after obtaining various concessions,\u201d said chief executive Alex Coham in a statement.<\/p>\n

\u201cAs it stands, it will neither curb profit shifting effectively, nor provide substantial revenues to more than a handful of OECD member countries. Everyone else has been left out,\u201d he said.<\/p>\n

Civil society group Oxfam accused the OECD of pandering to tax havens and multinational corporations with exemptions and loopholes that meant the new measures have \u201cpractically no teeth\u201d and will offer no revenue help to the world’s poorest countries.<\/p>\n

\u201cToday’s tax deal was meant to end tax havens for good. Instead it was written by them,\u201d said Oxfam’s tax policy lead Susana Ruiz.<\/p>\n

\u201cThe world is experiencing the largest increase in poverty in decades and a massive explosion in inequality but this deal will do little or nothing to halt either. Instead, it is already being seen by some wealthy nations as an excuse to cut domestic corporate tax rates, risking a new race to the bottom,\u201d she said.<\/p>\n

The Financial Accountability and Corporate Transparency Coalition said that the timing of the \u201chistoric\u201d OECD announcement, coming just days after International Consortium of Investigative Journalists’s Pandora Papers investigation revealed ongoing tax haven abuses, highlighted the need for more equality in the global tax system.<\/p>\n

\u201cMultinationals and global elites are using offshore financial secrecy and perverse results of a global tax race to the bottom to dodge taxes and escape accountability, and it’s encouraging to see collective action that addresses these concerns,\u201d said executive director Ian Gary.<\/p>\n

\u201cWithout heeding the calls of developing countries to more equitably share in the revenues raised by implementation of the agreement, though, the political viability of a final agreement over time may be in doubt,\u201d he said<\/p>\n

The measures are due to be presented to a meeting of the G20 finance ministers in Washington, DC, next week. The OECD said in a statement that countries will aim to sign a multilateral convention in 2022, and will begin implementation in 2023.<\/p>\n

\u2013 International Consortium of Investigative Journalists.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. MORE than 130 countries have signed on to a deal that would tax multinationals at a minimum rate of 15% in a bid to clamp down on profit shifting and aggressive tax avoidance by some of the world’s biggest multinational companies. 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