As G7 finance ministers meet in London, we have a chance to get multinational businesses to pay their fair share
For more than four years, France, Germany, Italy and Spain have been working together to create an international tax system fit for the 21st century. It is a saga of many twists and turns. Now it’s time to come to an agreement. Introducing this fairer and more efficient international tax system was already a priority before the current economic crisis, and it will be all the more necessary coming out of it.
Why? First, because the crisis was a boon to big tech companies, which raked in profit at levels not seen in any other sector of the economy. So how is it that the most profitable companies do not pay a fair share of tax? Just because their business is online doesn’t mean they should not pay taxes in the countries where they operate and from which their profits derive. Physical presence has been the historical basis of our taxation system. This basis has to evolve with our economies gradually shifting online. Like any other company, they should pay their fair share to fund the public good, at a level commensurate with their success.
Continue reading...from The Guardian https://ift.tt/3vPQPGb
