Categories: Uncategorized

Brussels Focuses on G20 Minimum Corporate Tax

Reading Time: < 1 minute

European Union decision-makers say efforts toward a global minimum corporate tax of 15% – which leaders endorsed at the Group of 20 (G20) summit last weekend – should continue forward, as it’s scheduled to be finalized at the end of October. That’s why the European Commission has put its own plan to levy a tax on global tech giants on hold, for now. EU Economy Commissioner Paolo Gentiloni said he had informed US Treasury Secretary Janet Yellen of the decision.

The global minimum corporate tax is designed to set a minimum threshold and dissuade global companies from operating in tax havens. While the OSCE is tasked with working out the details, the idea is to make companies pay the rate where they have their headquarters instead of allowing them to move profits to subsidiaries in countries with substantially lower corporate tax rates.

The EU, meanwhile, is also interested in levying a “digital” tax upon digital advertisers or online retailers who earn money in Europe but are not physically present on the continent. Tech giants like Google and Amazon have been hit by such taxes in France, despite protests and threats of counteractions from the US.

Source: Associated Press

CET Editor

Recent Posts

CEE mulls ramifications of Trump’s victory on trade, defence, environment

As Donald Trump officially declared his victory in the US election, he received congratulations from…

3 days ago

‘Budapest Declaration’ signed as Orban hosts EU summit

European leaders committed to developing a defence industry base and enhancing EU competitiveness at an…

3 days ago

EU, South Korea expand security, defence links

The EU and the Republic of Korea formalised a comprehensive Security and Defence Partnership in…

3 days ago

PKN Orlen CEE’s top firm on Coface 500 list

Poland is the dominant country in the Central and Eastern Europe (CEE) business landscape, with…

3 days ago

To the victor go the spoils – the big winners and losers of Trump’s second presidency – CET op-ed

Hungarian Prime Minister Viktor Orban, no stranger to political brinkmanship, went all in on Donald…

7 days ago

Moldova pivots to EU in presidential vote

Moldovan President Maia Sandu defeated her pro-Russian rival Alexandr Stoianoglo by around 55% to 45% in the presidential second-round…

1 week ago