Opinion: One man’s change of heart has put a historic deal in jeopardy | Stephen Bartholomeusz
After decades of effort, the OECD finally managed to persuade nearly 140 countries to agree to a global minimum tax dealIts introduction has already been delayed. The new tax regime was supposed to be in force next year but “technical” issues – negotiations over the fine detail of the complex proposal – have pushed the implementation date out to 2024.
For the companies, that would dramatically simplify their tax affairs, and costs, relative to a future where it was near-inevitable that more countries would introduce their own versions of the digital taxes some European countries, the UK and India have imposed and which Australia has deferred . The US has its own, highly complex, taxes on US companies’ foreign profits.
The US minimum tax rate of 10.5 per cent on foreign earnings leaves it exposed to those “penalty” taxes if it remains out of the agreement. It would also lose – and other countries would share -- an estimated $US200 billion of extra tax revenue over a decade if it is a party to the agreement. “They will levy this tax on American companies doing business in their jurisdictions and America will just lose out on tax revenues that we could use to invest in the strength of our economy,” Yellen said this week in an interview on the US non-profit National Public Radio.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'One-of-a-kind' piece of jewellery breaks record for most diamonds in one ringA huge ring containing more than 24,000 diamonds has made its way into the Guinness World Records for the most diamonds set in one ring.
Read more »
'One-of-a-kind' piece of jewellery breaks record for most diamonds in one ringA huge ring containing more than 24,000 diamonds has made its way into the Guinness World Records for the most diamonds set in one ring.
Read more »
Omicron is not a new pandemic, but we should treat it like oneOpinion: The degree of protection of a second booster against the BA.4 or BA.5 variants is unknown. Our leaders must push cautionary measures to protect public health, writes Sanjaya Senanayake
Read more »
England chasing 334 against South Africa in first one-day cricket international – live!Over-by-over report: Ben Stokes made just five runs in his final ODI. Join our writers for more
Read more »
One jab to end them all - ABCA spike in COVID cases has led the Government to urge everyone over 30 to get a fourth vaccine. \n\nBut how much longer will we need rolling booster shots?\n\nToday viral immunologist Dr David Martinez on the promising early signs in trials for universal vaccines that could ward off current and future coronaviruses. \n\nFeatured:\n\nDr David Martinez, Gillings School of Global Public Health, University of North Carolina
Read more »