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The Biden administration is calling for the world’s biggest multinational companies to pay levies to national governments based on their sales in each country, as part of an ambitious proposal for a global minimum tax. The plan would apply to the global profits of the very largest companies, including big US technology groups, regardless of their physical presence in a given country. The US Treasury laid out its proposal in documents obtained by the Financial Times, which had been sent to the 135 countries negotiating international taxation at the OECD in Paris. The plan faces an uphill battle through the US Congress. But an agreement at the OECD would allow Joe Biden, US president, to increase corporate taxes on US companies without being undercut by other countries because it would include a global minimum tax rate. The US move during the week of the IMF and World Bank spring meetings comes as the White House has also called for raising US corporate taxes by about $2.5tn over the next 15 years to pay for more than $2tn in investments in infrastructure, clean energy and manufacturing. Comments are closed.
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March 2021
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