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G20 Countries To Shut Down Tax Loopholes For Global Tech Giants

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Finance ministers from the Group of 20 reached a tentative agreement on Saturday to “compile common rules to close loopholes used by global tech giants” such as Amazon, Apple, Facebook, and Google. According to Gizmodo, the ministers particularly focused on reducing the practice by some companies of routing profits through countries that offer rock-bottom corporate tax rates, like Ireland and Luxembourg. Gizmodo reports draft documents prepared during the meeting in Japan showed the finance ministers are looking to enact a “two pillar” approach. The first agreement is to tax multinationals where their goods and services are sold. The second is setting a “global minimum tax rate” that could apply if a corporation managed to avoid taxes under the first pillar.

Added on the 09/06/2019 18:16:25 - Copyright : Wochit

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