International taxes

A tax deal between the world’s richest countries brings global governments a step closer to clawing back some power from technology giants that have used century-old regimes to build up wealth eclipsing the economies of most nations.

Small countries, including Ireland, have expressed concern about a global deal that could undermine their efforts to attract multinationals.

The club of rich nations secured a landmark deal that could help them collect more taxes and impose levies on U.S. tech giants such as Amazon and Facebook.

Group of Seven governments are nearing a deal to pursue a minimum corporate tax rate of at least 15% in international negotiations, but remain at odds over how to treat global technology companies.

The American Jobs Plan would take taxes on GILTI through the roof.

This week’s finance ministers’ meeting may help lead to a broader deal in July or October.

European officials are considering a proposal from the Biden administration to make companies with at least $20 billion in annual revenue pay more of their tax bill in places they operate, while being less enthused that the U.S. offer would limit levies to just 100 firms.

A GAO report finds that the regulations were burdensome for multinational companies, even though they saved through lower tax rates.

A full global deal to overhaul taxation rules may not be achieved until October, said the chief of the OECD.

The Group of Seven meeting of finance officials in London next week must strike an agreement to corral the rest of the world into changing how much tax multinationals pay and where, French minister Bruno Le Maire said Thursday.