They want more of a say
Save time by listening to our audio articles as you multitaskmembers resolved to begin talks on international tax co-operation. The decision makes no difference to a landmark-led tax deal signed by 137 countries and jurisdictions last year. But it does expose the limitations of the so-called “Inclusive Framework” through which that plan is being implemented.
Ironically, the resulting deal claims to address a longstanding demand of developing countries: that firms pay more tax in the places where they do business, regardless of where they are resident. For decades governments have complained that multinationals make sales in their countries but pay little tax in return .
But developing countries argue that old biases are baked in. The deal reallocates taxing rights on a fraction of profits from about a hundred giant firms. And it sets a minimum corporate tax rate at 15%, far below the effective rate of 25-30% that is common in Africa, Asia and Latin America. Signatories are also expected to renounce digital-service taxes of their own. The finance minister of Nigeria, which collects such a levy, has said that the overall package could leave her country worse off. Africa’s largest economy is one of four which joined talks but refused to sign the deal. Others might drag their feet when asked to put the plan into action, says Martin Hearson of the International Centre for Tax and Development, a research group.
Danmark Seneste Nyt, Danmark Overskrifter
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