The Group of Seven (G7) advanced economies agreed on Saturday to back a minimum global corporate tax rate of at least 15pc and the focus now shifts to the G20 countries for a wider agreement on the new tax proposals. "While it all sounds good, the road to implementation (of the tax deal) is full of rocks and potholes," said Ken Polcari, managing partner at Kace Capital Advisors. Dublin, which has historically resisted European Union attempts to harmonise its tax rules, is unlikely to accept a higher minimum rate without a fight. The G7's proposals are seen as targeting technology companies that sell services remotely and attribute much of their profits to intellectual property held in low-tax jurisdictions. "No G7 nation currently charges that low a rate and the details, including agreement from numerous smaller countries, require plenty of work."

Source: Irish Independent June 08, 2021 01:30 UTC