Legislative paralysis in Washington is threatening to trigger a global tax war, as countries prepare for the likely failure of a landmark agreement overhauling taxation of big multinationals.
With a self-imposed deadline of June 30, negotiators for more than 140 countries are on the cusp of emerging this week with an OECD-brokered treaty text on taxing digital companies, dubbed “pillar one” reforms.
This would in effect start the long-delayed process of countries signing and ratifying the deal, which would redistribute about $200bn of annual profits to be taxed in countries where multinationals do business.
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