G-20 leaders set to approve overhaul of corporate tax rules
A push to close worldwide business tax loopholes is anticipated to spur competition for lower rates overseas and increase pressure in Washington for a bipartisan deal to revamp the corporate tax code, composed Paul Hannon and Richard Rubin of the Wall Street Journal. Leaders from the Group of 20 biggest economies, meeting in Turkey, are set to give their last stamp of approval to a significant overhaul of the global guidelines governing business taxes. The modification is intended at preventing business from utilizing myriad strategies to move profits amongst different jurisdictions to avoid tax. Such practices cost governments in between $100 billion to $240 billion in lost profits each year, according to the Organization for Economic Cooperation and Advancement. The new rules apply just to business that run in more than one nation. Countries aren’t required to adopt them, though they are anticipated to be put in location commonly.
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