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From: FJB2/27/2021 1:53:06 PM
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TECH GIANTS ABOUT TO GET TAXED IN EU

Treasury Secretary Yellen told G20 on Friday that a global tax can go forward
U.S. Treasury Secretary Janet Yellen has told G20 officials that the Biden administration will drop Donald Trump's objections to new global digital tax rules, paving the way for an agreement by summer.

Trump's demand for a 'safe harbor clause' would have allowed U.S. tech giants such as Google, Facebook and Amazon to opt out of the scheme to impose a global minimum corporate tax.

Under current EU law, companies in the United States can declare profits from across the bloc in a single member state -- and most pick low-tax jurisdictions such as Ireland or the Netherlands.

France and Germany, which stand to benefit from the new scheme, applauded Yellen's move and said the new tax system could be implemented by July. ...

dailymail.co.uk
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