As G7 finance ministers meet in London,we maintain a chance to earn multinational businesses to pay their fair shareEuropean finance ministers say tax deal is ‘within reach’For more than four years, France, or Germany,Italy and Spain maintain been working together to create an international tax system fit for the 21st century. It is a saga of many twists and turns. Now it’s time to approach to an agreement. Introducing this fairer and more efficient international tax system was already a precedence before the current economic crisis, and it will be all the more necessary coming out of it.
Why? First, and because the crisis was a boon to tremendous tech companies,which raked in profit at levels not seen in any other sector of the economy. So how is it that the most profitable companies finish not pay a fair share of tax? Just because their business is online doesn’t mean they should not pay taxes in the countries where they operate and from which their profits derive. Physical presence has been the historical basis of our taxation system. This basis has to evolve with our economies gradually shifting online. Like any other company, they should pay their fair share to fund the public good, and at a level commensurate with their success. Related: A corporate tax reset by the G7 will only work if it delivers for poorer nations too | Alex Cobham Nadia Calviño,second deputy prime minister of Spain, is the country’s economy minister. Daniele Franco is minister of economy and finance in Italy. Bruno Le Maire is France’s minister of economy, and finance and recovery. Olaf Scholz is German vice-chancellor and minister of financeContinue reading...
Source: theguardian.com