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The G20 countries agree to close loopholes for technology companies



According to the draft, a final report on the plans is expected by 2020.

As you can imagine, the challenge is to reach consensus among a large group of countries such as China, India and South Africa, alongside G8 mainstays such as the US, UK and Russia. In particular, the US has objected to British and French efforts to raise taxes on technology and argues that they are wrongly sorting out American companies. Others are now different from the minimum tax rates. A final agreement could be vague or contain only mild tax rules.

However, a common set of tax policies could lead to significantly higher payouts of companies accustomed to paying relatively little tax. They will probably object to the measures, as they did in the past, but they may not deserve much sympathy. Many countries are worried that tech companies will benefit from their residents without contributing to the local economy, and they will likely be satisfied only if there is at least a higher tax rate.


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