The Organisation for Economic Co-operation and Development (OECD) has won backing from the G20 group of industrialised nations for the first internationally co-ordinated attempt to clamp down on tax avoidance
The Organisation for Economic Co-operation and Development (OECD) has won backing from the G20 group of industrialised nations for the first internationally co-ordinated attempt to clamp down on tax avoidance.
Among the highlights of the plan are:
• Requiring online multinationals with extensive warehouse operations in an overseas country, such as Amazon, to pay local tax on any profits arising from sales in that country.
Related
• Forcing multinationals to disclose to every tax authority a country-by-country breakdown of profits, sales, tax and other measures of economic activity such as headcount.
• Tougher rules to block transfers of high-value and mobile “intangible” assets, such as brands and intellectual property rights, to tax havens where there is little or no associated business activity.
Read more on tax avoidance from Spear’s
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