On April 6, the head of the US Treasury, Janet Yellen, spoke about a new weapon in the fight against offshore companies and tax evasion with their help. She proposed to all countries of the world to introduce a minimum tax on the profits of transnational corporations.
The United States sent a proposal to 135 countries, including the Organization for Economic Cooperation and Development (OECD), on the basis of which changes in the international tax system are being discussed. The head of the tax department of the organization, Pascal Saint-Amand, supported the idea of Washington. He stated that it "reboots" the negotiations and has a chance of success both in negotiations at the international level and in discussions in the US Congress.
If the US proposals are accepted, other countries will be able to increase their revenues from the largest multinational business, which still operates in different jurisdictions, but pays little taxes in them.
With a new tax model, the US wants to intensify negotiations on a more stable international tax system to stem the proliferation of national levies and prevent multinational corporations from taxing and diverting profits to other jurisdictions.
The US is going to raise the rate at the national level from 21% to 28%, and the world is offered to establish a single minimum level of 21%. Washington increases taxes to fund Biden's new massive $ 2.25 trillion economic plan. According to the calculations of the authorities, it will pay off by raising taxes in 15 years.
The IMF yesterday proposed to introduce a temporary "solidarity tax" for companies that thrived during the crisis due to the coronavirus pandemic. The fund has proposed introducing super-profit levies to show solidarity with those affected by the crisis and to replenish government budgets. According to the IMF, such a tax can replace or supplement the corporate tax.
Recall that the statement by the head of the US Treasury Janet Yellen was made a few days after the announcement of President Joe Biden's ambitious plan to restore the national economy. In this regard, the US authorities are looking for new ways to replenish the budget.
