A proposal for a new global minimum tax is worrying tax chiefs at international companies
By Nina Trentmann Dec. 3, 2019 8:39 pm ET Tax chiefs at international companies are voicing concerns about a proposal that would introduce a global minimum tax and could result in higher tax payments for some companies.
“It is important that consensus is achieved with sufficient detail to foster consistent application and avoid multi-layer taxation,” the company’s vice president for global tax, Kurt Lamp, said in written comments made public by the OECD on Tuesday.The remarks, released ahead of an OECD consultation event Monday, mirror comments multinationals provided in November on a related proposal on corporate taxation for consumer-facing industries.
Determining at what level tax payments are sufficient could result in discussions among OECD member states, according to Manal Corwin, principal-in-charge of KPMG’s national tax practice in Washington. Some countries have used low tax rates as a tool to attract multinational companies, irking jurisdictions with higher tax rates.
In the comment letters released Tuesday, drugmaker GlaxoSmithKline PLC warned of additional complexities that could arise from the proposal.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Explainer: Macron's quest for an international tax on digital servicesThe United States has threatened punitive duties of up to 100% on $2.4 billion i...
Read more »
U.S. vows 100% tariffs on French Champagne, cheese, handbags over digital taxThe U.S. government on Monday said it may slap punitive duties of up to 100% on ...
Read more »
U.S. vows 100% tariffs on French Champagne, cheese, handbags over digital taxThe U.S. government on Monday said it may slap punitive duties of up to 100% on ...
Read more »
US threatens 100% tariffs on French goods over digital taxA report from the US Trade Representative's office found the tax penalises American tech companies like Google, Apple, Facebook and Amazon.
Read more »
Japan's third-quarter capex jumps as merchants boost investment pre-sales tax hikeJapanese firms boosted capital spending in the September quarter, as retailers a...
Read more »
6 things retirees — and advisers — should know about new guidelines for cryptocurrency tax treatmentRisk-tolerant retirees who own bitcoin, take note.
Read more »