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EU to combat taxation ‘race to the bottom’ with 15% rate for corporations
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theguardian.comThe EU has taken a first step in setting a 15% minimum corporate tax for multinationals, in line with a global agreement struck earlier this year, as the White House has hit a hurdle in its efforts to turn the pact into law.
Announcing the launch of a new EU tax directive, Paolo Gentiloni, commissioner for the economy, said he expected the 27 member states to agree on the fine details within six months despite concerns held in some European capitals.
The draft directive, which sets an effective corporate tax rate of 15% for multinationals and other large businesses with a turnover in excess of €750m, enacts an agreement signed by 136 countries and jurisdictions earlier this year.
US president Joe Biden drove that agreement forward among
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