11/27/2015

Company Tax Solar Tax Credit, G-20 Eyes Taxes, Sanders Not Ike

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G-20 leaders set to accept overhaul of corporate tax rules
A push to close worldwide corporate tax loopholes is expected to stimulate competitors for lower rates overseas and enhance pressure in Washington for a bipartisan offer to revamp the corporate tax code, wrote Paul Hannon and Richard Rubin of the Wall Street Journal. Leaders from the Group of 20 largest economies, meeting in Turkey, are set to give their final stamp of approval to a major overhaul of the global rules regulating business taxes. The modification is intended at preventing companies from using myriad techniques to shift profits amongst different jurisdictions to prevent taxation. Such practices cost governments between $100 billion to $240 billion in lost earnings each year, according to the Organization for Economic Cooperation and Advancement. The new guidelines apply just to companies that run in more than one country. Nations aren’t needed to adopt them, though they are expected to be put in place commonly.

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