«Breaking News» Germany urges global minimum tax for digital giants Amazon, Apple and Google

Germany's finance minister has proposed a global minimum tax rate and tougher measures in an effort to crack down on firms looking to stash their profits in tax havens.

In a guest article for Welt am Sonntag, Olaf Scholz, a social democrat in conservative chancellor Angela Merkel's coalition government, fleshed out proposals that he was considering jointly with France to make it harder for international firms to evade tax. 

Both France and Germany are seeking ways to ensure that firms like Amazon, Apple, Facebook and Google and digital platforms such as YouTube and Airbnb pay domestic taxes in proportion to the profits they earn in Europe's largest markets.

Germany has proposed a global minimum tax rate to stop firms like Google, Amazon, Apple, Facebook and digital platforms like YouTube and AirBnb putting their profits in tax havens

Attempts to harmonise tax rates across the European Union have however met stiff resistance from lower-tax members like Ireland.

'We need a worldwide minimum tax level that no state may go below,' Scholz said in the article, adding that any such rules would need to be accompanied by measures to make it harder to move money into tax havens.

Scholz said the internet economy 'was exacerbating a problem that we recognise from globalisation and that we are trying to address: the placing of profits in low-tax locations.'

Germany, Europe's largest consumer market, is particularly fertile ground for US-based internet giants. 

Apple is among those accused of minimising their tax exposure by using offshore structures

Many have used offshore structures to minimise their tax exposure in what remains a relatively high-tax economy.   

But there are concerns that such a move could be seen by Washington as an attack on Silicon Valley's corporate giants and pose a threat to Germany's car exports.

France has rallied EU partners for a year to draw up the tax, which Paris says is necessary to ensure tech giants pay their way.  

'We require coordinated mechanisms which prevent the displacement of revenues to tax havens,' added Scholz. 

Finance minister Olaf Scholz (left) with German chancellor Angela Merkel, put forward the proposals for a global minimum tax rate in today's German paper, Welt am Sonntag

 

Link hienalouca.com

https://hienalouca.com/2018/10/21/germany-urges-global-minimum-tax-for-digital-giants-amazon-apple-and-google/
Main photo article Germany’s finance minister has proposed a global minimum tax rate and tougher measures in an effort to crack down on firms looking to stash their profits in tax havens.
In a guest article for Welt am Sonntag, Olaf Scholz, a social democrat in conservative chancellor Angela Merkel‘s co...

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Dianne Reeves US News HienaLouca





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