Great if it gets implemented. Once there is a tax record then we will have a better idea of where the money is going.
If only every country would follow suit so money doesn’t get hidden in so-called “tax havens”.
It sounds like Germany is going to be asking who they are paying taxes to.
Somehow I feel like they’ll figure out another loophole and/or just lobby to get a provision written in under the radar that creates a new one.
Guess we shouldn’t try, then.
Ah, I didn’t mean to sound so pessimistic. I’m glad they’re doing something, without a doubt. I hope they wrote it iron clad, too, so corps can’t wiggle out of it. I’m just jaded with these huge corps getting away with everything all of the time.
I agree. I like the idea and am interested to see the results.
This is the best summary I could come up with:
BERLIN, Nov 10 (Reuters) - The German parliament on Friday approved the implementation of a global minimum corporate tax, as part of an international deal to ensure large companies pay a minimum tax rate of 15%.
In 2021 almost 140 countries agreed to an Organisation for Economic Cooperation and Development deal they are meant to implement from next year to prevent big companies like Alphabet’s Google (GOOGL.O) or Amazon (AMZN.O) avoiding taxation by transferring profits to low-tax countries.
The increase is expected to raise $220 billion globally for governments strapped for cash after the COVID-19 pandemic and struggling to ride out a cost-of-living crisis, although the ratification process has hit hurdles in various countries.
Last December the European Union member states agreed on a common directive to ensure uniform implementation of the tax within the EU, and that directive must be passed into national law in all EU countries by the end of the year.
The Ministry of Finance estimated earlier this year that additional tax revenue of 910 million euros could be expected in Germany from 2026.
In 2027 and 2028, the tax is forecast to bring in 535 and 285 million euros, respectively.
The original article contains 264 words, the summary contains 195 words. Saved 26%. I’m a bot and I’m open source!
Won’t anybody think of the shareholders!
What is this 15% bullshit
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