TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

G20 leaders mull plan to get more tax revenue from multinational corporations

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Saturday, July 20, 2013, 12:01 a.m.
 

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.

Subscribe today! Click here for our subscription offers.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. BNY Mellon expands  role for treasury exec
  2. Kennametal plans plant closings, job cuts in fallout from oil and gas decline
  3. Consol Energy posts $74M profit in fourth quarter
  4. BNY Mellon is putting iconic Citizens Bank Tower up for sale
  5. Super Bowl ads win by playing to viewers’ emotions, experts say
  6. Alibaba finally called out on counterfeits
  7. Credit card privacy a myth, study shows
  8. Almost half of households exhaust their income
  9. SEC alleges BNY Mellon bribed foreign investors by handing internships to their relatives
  10. U.S. Steel warns it may lay off almost 2,000 workers in Alabama, Texas
  11. Fight to lift crude export ban grows