The top economic powers have paved the way for a new regulation of the international tax system for companies. In light of legal tax loopholes for Internet giants like Google and Facebook, the G-20 nations today agreed on a joint statement on stronger taxation of large corporations.
„We will double our efforts for a consensus-based solution with a final report in 2020,“ it said today at the G-20 finance ministers meeting in Fukuoka, the main industrialized and emerging economies.
The background is that Internet giants such as Google and Facebook in particular are barely able to grasp the applicable tax rules, which in principle derive from the past century. They pay significantly lower taxes than traditional industrial companies.
Global minimum tax until the end of next year
Last year, the EU states tried to introduce a Europe-wide digital tax. But this was mainly due to the resistance of Ireland, which houses, among other things, Facebook in Europe, as well as the Scandinavian states failed.
Specifically, a global minimum tax will now be set by the end of next year. In addition, state taxation rights should be redistributed. In the future, they are less likely to focus on the location of their respective headquarters, but will be located where customers and customers or users of services are seated.
