A proposal for a new global minimum tax is worrying tax chiefs at international companies
By Nina Trentmann Dec. 3, 2019 8:39 pm ET Tax chiefs at international companies are voicing concerns about a proposal that would introduce a global minimum tax and could result in higher tax payments for some companies.
“It is important that consensus is achieved with sufficient detail to foster consistent application and avoid multi-layer taxation,” the company’s vice president for global tax, Kurt Lamp, said in written comments made public by the OECD on Tuesday.The remarks, released ahead of an OECD consultation event Monday, mirror comments multinationals provided in November on a related proposal on corporate taxation for consumer-facing industries.
Determining at what level tax payments are sufficient could result in discussions among OECD member states, according to Manal Corwin, principal-in-charge of KPMG’s national tax practice in Washington. Some countries have used low tax rates as a tool to attract multinational companies, irking jurisdictions with higher tax rates.
In the comment letters released Tuesday, drugmaker GlaxoSmithKline PLC warned of additional complexities that could arise from the proposal.
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