November 17, 2021
Economy

What is the global tax reform we face?

Some island countries that were seen as informal and low tax havens over the last 40-50 years and others defined as “tax havens” in the middle of Europe are now being scrutinized.

According to reports by international institutions, the amount of the tax revenue that is thought to be stolen by companies via shell corporations or subsidiaries established in those very tax havens varies between $30 billion and $120 billion.

German Finance Minister Olaf Scholz stated that the business models of the companies in question give them a much greater chance of avoiding taxes.

In particular, a serious effort was dedicated to eliminating the tax avoidance maneuvers such as base erosion and profit shifting (BEPS).

BEPS is used by the world’s prominent internet platforms in the digitalization field and by the world’s leading e-commerce and e-export companies.

The G-7…

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