G-7 Nations Reach A Deal On Global Tax Reform

DNYUZ/New York Times: Finance Leaders Reach Global Tax Deal Aimed at Ending Profit Shifting

LONDON — The top economic officials from the world’s advanced economies reached a breakthrough on Saturday in their years long efforts to overhaul international tax laws, unveiling a broad agreement that aims to stop large multinational companies from seeking out tax havens and force them to pay more of their income to governments.

Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters.

The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google as well as other big global businesses to pay taxes to countries based on where their goods or services are sold, regardless of whether they have a physical presence in that nation.

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WNU Editor: Here is an easy prediction. The US Senate is going to torpedo this deal.

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