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re: G7 backs Biden's sweeping overhaul of global tax system
Posted on 6/6/21 at 6:42 am to Jorts R Us
Posted on 6/6/21 at 6:42 am to Jorts R Us
Just a dumb question.
Do any of the g7 countries have a corporate tax of under 15 percent right now?
That seems pretty low for any of these countries.
Do any of the g7 countries have a corporate tax of under 15 percent right now?
That seems pretty low for any of these countries.
1
Posted on 6/6/21 at 6:53 am to thetempleowl
quote:
Do any of the g7 countries have a corporate tax of under 15 percent right now?
No. The UK got as low as 19% and was scheduled to go to 17% until COVID hit. Now, they will climb back to 25%.
The purpose of this proposal isn't to get everyone on one rate but to buck the trend of lowering rates.
This proposal is a step but it's hardly the only action countries will take to curtail base erosion and profit shifting.
Much adieu will be made about Ireland holding to its 12.5% rate but that's not even the biggest concern stremming from the Irish tax regime. They could bump it to 15% and they would still be sticking it to a number of other countries with their capital allowance rules for intangible assets.
This post was edited on 6/6/21 at 7:16 am
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