Group of 20 finance ministers agreed on Sunday to compile common rules to close ...
FUKUOKA, Japan - Group of 20 finance ministers agreed on Sunday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a final version of the bloc’s communique obtained by Reuters showed.
The new rules would mean higher tax burdens for large multinational firms but would also make it harder for countries like Ireland to attract foreign direct investment with the promise of ultra-low corporate tax rates. This has put the two countries at loggerheads with the United States, which has expressed concern that U.S. Internet companies are being unfairly targeted in a broad push to update the global corporate tax code.
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