PARIS, April 20 — Global tax plans targeting billionaires and multinational companies are running aground, with the United States torpedoing reforms under President Donald...
Fishing frenzy: Dive into Home Style Fish Cafe in Taman Cheras for all sorts of fish, from deep-fried fresh catch to ‘ikan cencaru sumbat’ and shark meat ‘kari kapitan’US President Donald Trump has pulled the United States out of an international deal on taxing multinationals and threatened tariffs on countries that target US tech giants .
“My administration will act, imposing tariffs and taking such other responsive actions necessary to mitigate the harm to the United States,” he said in the memo.During his first term, Trump threatened to slap tariffs on US imports of champagne and French cheese after France rolled out a digital services tax in 2019.The tax generated 780 million euros for the French government last year.
British Trade Secretary Jonathan Reynolds has said the digital tax is not “something that can never change or we can never have a conversation about”.Nearly 140 countries struck a deal in 2021 to tax multinational companies, an agreement negotiated under the auspices of the Organisation for Economic Co-operation and Development.The first provides for the taxation of companies in countries where they make their profits, a move aimed at limiting tax evasion. It primarily targets tech giants.
Franco-American economist Gabriel Zucman told AFP that the EU’s reaction in the coming weeks “will be crucial”.
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