The overhaul will have the effect of a few percentage points of corporate income tax in many countries
Paris — Governments will get more power to tax big multinationals, such as Google, Apple and Facebook, doing business in their countries under a proposed overhaul of decades-old rules.
In 2019, more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 1920s is overdue and tasked the Paris-based Organisation for Economic Co-operation and Development to come up with proposals. The overhaul would have the effect of a few percentage points of corporate income tax in many countries with no big losers apart from big international investment hubs, Saint-Amans said.
Apple is locked in an EU tax dispute over profits booked in Ireland which could cost the iPhone maker $14bn. Meanwhile, Google agreed in September to pay more than $1bn to settle a tax case in France. The aim is to give the government where the user or client of a company’s product is located the right to tax a bigger share of the profit earned by a foreign company there. Companies affected will be big multinational firms operating across borders with the OECD suggesting they should have revenue of more than €750m.
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