Page 8 - GS210602

ReadersSpeak

Minimum global corporate tax "Who are they and to what extent will the tech giants
remain within scope, given that the tradeoff for the UK
lizabeth Bradley, global head and others will be to repeal their digital services taxes?
of tax for the law firm Bryan
Cave Leighton Paisner, offered "No doubt, the UK and others will need to be confident
E comments on the recent G7 that Pillar One passes into legislation in the United States,
agreement on a minimum global tax rate for corporations. and overcomes reported opposition. ... Indications are that
the UK will not remove its digital services tax until Pillar
"After years of debate, a proposal to establish a minimum One is in place.
global tax rate for corporations has taken a big step forward,
as finance ministers for the G7 adopted an agreement to "It seems clear that Pillar One is no longer focused on
propose a 15 percent rate," Bradley wrote. "But this is only digital service providers and consumer facing business
the first rung in getting these rules adopted. And the next and could potentially catch any industry. However, it is
steps may be particularly challenging. aimed only at the most profitable global firms with at
least a 10 percent profit margin. Much number crunching
"Although the G7 are to be commended in reaching a will be done in the headquarters of multinationals to
historic agreement redefining the rules of international determine who may be caught once we know more about
taxation, there is still some detail to iron out. The United the thresholds for participation in Pillar One."
States had originally wanted to tax the world’s 100
largest multinationals through Pillar One [a blueprint for Your take on taxation
taxation in the digital age], by reallocating taxing rights to If a 15 percent minimum global tax rate for corporations
jurisdictions where a multinational does business, but the comes to pass, how might it affect your business
announcements at the weekend have dropped references and the payments industry overall? Sound off at
to 100. Will more end up within scope? greensheet@greensheet.com.

TouchSuite

Wants To Buy

Your Portfolios

We are one of the most active

portfolio buyers in the market

To receive a proposal, please call
our dedicated team or email us at

acquisitions@touchsuite.com

(844) 453-8422 | touchsuite.com