G20 leaders mull plan to get more tax revenue from multinational corporations
PARIS — Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes.
Low tax payments by major global companies — including Google, Amazon, Facebook and Starbucks — have sparked public anger in Europe recently, as governments are struggling with high debts, low growth and austerity measures that are hitting ordinary taxpayers.
“National tax laws have not kept pace with the globalization of corporations and the digital economy, leaving gaps that can be exploited by multinational corporations to artificially reduce their taxes,” the Organization for Economic Cooperation and Development said in announcing the new tax plan. It was detailed at a meeting of the Group of 20 finance ministers in Moscow.
The Paris-based OECD says the 15-point plan includes ways to close loopholes and allow countries to tax profits held in offshore subsidiaries. If it is adopted, the measures would be implemented over the next two years and target such practices as deducting the same expense more than once in more than one country.
The plan also has a special focus on the online economy, where commerce flows across borders constantly and it's harder to tie revenue and profit to a single country.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- GNC to expand testing of supplements in settlement with NY
- If you get this letter from the IRS, it’s legitimate
- Loss of Costco staggers credit card giant
- Home appraisal is below sales price — now what?
- Komando: Boost cellphone signal when nixing landline
- Dow Chemical, Olin in $5B cash-and-stock deal
- France plane crash victim’s father calls for airlines to focus on pilot welfare
- Drillers’ new techniques, experience cut well costs, boost yields
- Michigan man takes Heinz to court over Dip & Squeeze ketchup packet
- Odds against younger veterans in hunt for job, unemployment rate shows
- Tourists rush to visit Cuba before American influence felt