A landmark global deal to impose a minimum tax rate on corporate profits ran into a major roadblock last week after Poland vetoed a European Union plan to implement the measure at the end of 2023.
But efforts to formally install the minimum tax have since stalled out in both the U.S. – Congress has moved slowly to approve any proposal – and the EU.
European Finance Ministers gather, Friday, Feb. 25, 2022 in Paris. European Union leaders put on a united front after a six-hour meeting that went into early Friday morning, during which they agreed on a second package of economic and financial sanct"We strongly believe that we should be mindful of placing an additional burden on European businesses without ensuring the digital giants are fully taxed," Magdalena Rzeczkowska, Poland’s deputy finance minister, said in a statement.
Corporations employ a litany of tactics to reduce their tax liability, often by shifting profits, and revenues, to low-tax countries such as Bermuda, the Cayman Islands or Ireland, regardless of where the sale was made. The practice by American and foreign multinationals costs the U.S.
The Organization for Economic Cooperation and Development has pushed for years to eliminate corporate strategies that "that exploit gaps and mismatches in tax rules to avoid paying tax." The global minimum tax would apply to companies' foreign earnings, meaning that countries could still establish their own corporate tax rate at home.
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