India Crypto Exchange

Best Bitcoin Trading Platform

Tag Archive : Bruno Le Maire

G7 tax deal ‘in sight’: France, Germany, Italy, Spain

A G7 deal on a minimum corporate tax rate is “within sight”, finance ministers from France, Germany, Italy and Spain said Friday before a meeting of the world’s richest nations.

“We have a chance to get multinational businesses to pay their fair share,” France’s Bruno Le Maire, Germany’s Olaf Scholz, Italy’s Daniele Franco and Spain’s Nadia Calvino said in The Guardian newspaper.

British finance minister Rishi Sunak starts a two-day meeting on Friday with counterparts from Canada, France, Germany, Italy, Japan and the United States, before a leader summit next week including US President Joe Biden.

The spotlight is on ambitious plans for a minimum level of corporate tax, as global powers seek to make multinationals pay their way.

“For more than four years, France, Germany, Italy and Spain have been working together to create an international tax system fit for the 21st century,” the four ministers wrote in a joint opinion piece.

“It is a saga of many twists and turns. Now it’s time to come to an agreement.”

Biden is calling a unified minimum corporate tax rate of 15 percent in negotiations with the Organisation for Economic Co-operation and Development (OECD) and G20.

“The new US proposal on minimal taxation is an important step in the direction of the proposal initially floated by our countries and taken over by the OECD,” the four ministers added.

“The commitment to a minimum effective tax rate of at least 15 percent is a promising start.”

Digital tax: France to ‘fight’ for Amazon inclusion

France said on Wednesday it would make sure that Amazon is subject to a minimum global tax endorsed by the G7 nations.

According to the plan, countries would be allowed to tax a share of the profits of the most profitable companies in the world at a rate of at least 15%, regardless of where they are based. This would apply, however, only to companies whose profit margins exceed 10%.

Despite Amazon’s market capitalisation of more than $1 trillion, its profit margin last year amounted to just 6.3%, placing it firmly below that threshold. But French finance minister Bruno Le Maire told the broadcaster

RMC

that the potential loophole would not stand. The tax reform “must apply to Amazon”, he said. “France will fight to make sure that it does.” “The problem with Amazon is that some of its businesses don’t generate a profit margin of more than 10%,” Le Maire said, singling out its deliveries branch. At Amazon’s cloud-based services, meanwhile, margins are “very large”, he said. The answer was to treat Amazon’s businesses separately for tax purposes “so that all the very profitable parts are certain to be subject to this digital taxation”.

French finance minister’s phone investigated in Pegasus spyware case

The phone of France’s finance minister Bruno Le Maire is currently being investigated to determine whether it has been infected by a spyware known as Pegasus.

“We are in an investigation phase, and that includes my own device,” Bruno Le Maire told France Inter radio on Friday. He refused to elaborate on the investigation.

The Pegasus spyware, a product developed by Israeli company NSO Group, was used in attempted and successful hacks of smartphones belonging to journalists, government officials and human rights activists around the world, according to an investigation by 17 media organizations.