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EU launches global minimum tax legislation

Wednesday, 12/22/2021 12:52 PM from

dpa-AFX

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The EU Parliament in Strasbourg. pixabay.com

BRUSSELS (dpa-AFX) – The EU is taking the first concrete steps to implement the global minimum tax. On Wednesday, the responsible European Commission presented a legislative proposal to implement the ambitious international tax reform that the EU had previously agreed on with over 130 other countries. At the same time, the Commission wants to take action against so-called letterbox companies with which high taxes can be avoided.

According to the Commission, the EU is a global pioneer with the legislative proposal on the minimum tax. The main aim of the reform is to prevent corporate profits from shifting to tax havens. International companies with a turnover of at least 750 million euros per year should therefore pay at least 15 percent tax regardless of their location by 2023 at the latest. If a company with its subsidiary pays less taxes abroad, the home country can collect the difference. The proposal has to be accepted unanimously by the EU countries.

According to the Commission, another part of the global tax reform is to be concretized next year. This is to ensure that international digital companies like Facebook (Facebook share) are not only taxed in their home country, but also where they actually do business.

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