Biden and G-7 leaders will endorse a global minimum corporate tax of at least 15%, and a new tax linked to the places where companies make money.
President Joe Biden and G-7 leaders will jointly endorse a global minimum corporate tax of at least 15% on Friday, according to a White House fact sheet.
The leaders will also announce a plan to replace Digital Services Taxes, which targeted the biggest American tech companies, with a new tax plan linked to the places where multinationals are actually doing business, rather than where they are headquartered. If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
But it is the GMT plan that has the greatest potential to impact corporate bottom lines and influence investor decisions. The removal of Digital Services Taxes, a patchwork of country-by-country taxes that specifically target the biggest American tech companies, represents a real victory for the United States.of these taxes — and an end to the looming threat of new DSTs — would add a level of certainty to the international tax system that would ultimately benefit Big Tech companies in the long term, even if a new Global Minimum Tax raised costs in the near term.
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