Corporate Tax

Responses to groundbreaking world corporate tax treaty

Oct 8 (Reuters) – There was a swift response to an agreement with 136 countries announced on Friday by the Organization for Economic Co-operation and Development that sets a minimum global tax rate of 15% for large companies and makes it difficult for them to avoid taxes . Continue reading

US PRESIDENT JOE BIDEN

“For decades, American workers and taxpayers have paid the price of a tax system that rewards multinational corporations for shipping jobs and profits overseas. This race to the bottom has not only harmed American workers, but has also put competitive pressure on many of our allies.” also disadvantage. “

BRITISH MINISTER OF FINANCE RISHI SUNAK

“We now have a clear path to a fairer tax system in which big global players pay their fair share wherever they do business.”

NICK CLEGG, FACEBOOK VICE PRESIDENT FOR GLOBAL AFFAIRS

“Facebook has long been calling for global tax reform, and we understand that this could mean paying more taxes, and in other places. The tax system must create public confidence while giving companies security and stability. We look forward to an emerging international consensus. “

OXFAM TAX POLICY LEADS SUSANA RUIZ

“Today’s tax treaty was supposed to end tax havens for good. Instead, it was written by you … To call this treaty ‘historic’ is hypocritical and does not stand up to the smallest scrutiny. The tax devil is in the details, including a complex web of exemptions that could let big offenders like Amazon off the hook. A whopping 10-year grace period on global corporate tax of 15 percent was slapped at the last minute, and additional loopholes leave them practically toothless. “

AMAZON.COM INC SPEAKER

“Amazon supports the progress of the OECD Inclusive Framework towards a consensus-based solution for international tax harmonization and we look forward to your further professional work.”

FRENCH MINISTER OF FINANCE BRUNO LE MAYOR

“This deal opens the way to a real fiscal revolution.”

US FINANCIAL SECRETARY JANET YELLEN

“We have turned relentless negotiations into decades of increased prosperity for both America and the world. Today’s deal is a unique achievement in economic diplomacy.”

DECLARATION BY THE SWISS MINISTRY OF FINANCE

“The aim is to create legal certainty for the companies concerned. Like other countries, Switzerland criticizes the OECD’s timetable because it does not yet adequately respect the national legislative processes in 2023, as envisaged by the OECD. “

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN

“I’m looking forward to the G20 summit at the end of the month, where we will finalize the details of this agreement. Then we have to do it … At the same time, we will continue to crack down on tax avoidance and tax evasion because we have to make sure that everyone pays their taxes fairly. We owe that to our citizens. “

IRISH MINISTER OF FINANCE PASCHAL DONOHOE

“This breakthrough deal will address the global tax challenges of digitization and provide the security and stability that large corporations and governments need … I am confident that Ireland will continue to be an attractive home for multinational corporations.”

OECD SECRETARY GENERAL MATHIAS CORMANN

“Today’s agreement will make our international tax regimes fairer and work better … This is a great victory for effective and balanced multilateralism.”

Compiled by Mark John and Howard Goller

Our Standards: The Thomson Reuters Trust Principles.

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