The new global minimum tax could bring in $150 billion for worldwide governments, report says

  • Date: 14-Jun-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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The new global minimum tax could bring in $150 billion for worldwide governments, report says

The didn't just give leaders : It also provided crucial momentum for a new tax measure that could revolutionize international taxation. The is a measure that's gained increased prominence amidst tax talks. It would impose a non-binding minimum rate on multinational companies, a disincentive to those companies fleeing one country for another with lower taxes. That tax could also bring in $150 billion, according to a which cited Pascal Saint-Amans, who directs the Organization for Economic Cooperation and Development (OECD)'s center for tax policy. Presumably speaking about an annual figure, Saint-Amans told the French channel BFM Business that it is "not an anecdotal amount." "In some ways," Saint-Amans said, "this is the end of the work on regulating globalization for greater tax justice." The figure he put forward also includes "a revised version of existing US measures on taxing foreign profits known as GILTI," according to Bloomberg. The G7 summit represented a major diplomatic and political step forward for the tax measures, as leaders agreed to a minimum rate . That's what the US had , a rate lower than the anticipated proposal of 21%, but still in line with the Treasury Department's proposal. Saint-Amans also addressed concerns that companies