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October 21, 2018 03:15 pm

Germany Urges Global Minimum Tax For Digital Giants

Germany is backing a global minimum tax rate as Europe looks to levy tax notably on U.S. tech giants. "Europe is trying to devise a strategy to tax profits from the likes of Google, Amazon, Facebook, Apple and digital platforms such as YouTube and Airbnb which currently manage to keep fiscal exposure to a bare minimum," reports Yahoo News. From the report: "We need a minimum tax rate valid globally which no state can get out of (applying)," Scholz, a social democrat in conservative Chancellor Angela Merkel's coalition government, told the "Welt am Sonntag" weekly. Digital platforms "aggravate a problem which we know well from globalization and which we are trying to counter -- the shifting of profits to fiscally beneficial regions," said Scholz. Scholz explained he had launched an initiative designed to help states react to so-called fiscal dumping in support of embryonic OECD plans designed to fight tax transparency and cross-border tax evasion. "We require coordinated mechanisms which prevent the displacement of revenues to tax havens," said Scholz. A March proposal by the Commission includes introducing a tax as a bridge measure until such time as the OECD can roll out a measure which can be applied globally.

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