{"id":563423,"date":"2021-06-30T04:00:00","date_gmt":"2021-06-30T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/backlash-on-the-global-corporate-tax-pact\/"},"modified":"2021-06-30T04:00:00","modified_gmt":"2021-06-30T04:00:00","slug":"backlash-on-the-global-corporate-tax-pact","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/backlash-on-the-global-corporate-tax-pact\/","title":{"rendered":"Backlash on the global corporate tax pact"},"content":{"rendered":"

<\/a> A possible backlash against the global corporate tax pact:<\/strong> Global tax negotiators are struggling to get holdout states on board to sign up to the global corporate tax pact agreed by G7 nations<\/a> earlier this month, the Financial Times<\/a> reports. China, India, eastern European nations and developing countries have all objected to the proposal while tax havens including Ireland, Switzerland and Barbados are likely to refuse to put pen to paper.<\/p>\n

A refresher:<\/strong> The plan would introduce a minimum global corporate tax rate of 15% that would make large corporations pay tax in every country they operate in.<\/p>\n

Next steps:<\/strong> G20 finance ministers will discuss the proposal at a summit in Venice next month, after which it will be clearer how many of the world\u2019s largest economies are willing to sign up. \u201cIf we can\u2019t get an agreement at the G20 then the chances are that we\u2019ll have to start over for another 20 years of talks on this issue,\u201d one European negotiator said.<\/p>\n

But there is cause for optimism<\/strong>, according to another negotiator who tells the salmon-colored paper that \u201cwe are not far from an [agreement].\u201d<\/p>\n

In other global financial news worth knowing about:<\/strong><\/p>\n