Rewriting the rules on how global companies are taxed could have broad repercussions—depending on how the details play out
Seven wealthy countries have announced a plan to impose a minimum levy on multinational corporations and rewrite the rules governing how countries tax them, but policy makers around the world will need to make some tough choices before anything actually changes.
The Group of Seven nations agreed to a broad framework for changing the global corporate-tax system, rather than a detailed plan. It pairs two related but distinct “pillars.”to adoption of the proposal. Here is a look at some of the factors that will shape any global corporate tax regime.That principle said corporate profits should be taxed where value is generated, which traditionally was where businesses had a physical presence.
Now the G-7, which comprises of Canada, France, Germany, Italy, Japan, the U.K. and the U.S., is proposing that some profit from some of the biggest companies should be reallocated to countries where their products and services are consumed. Those countries can then tax the reallocated portion of the profit.
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