Multinational tech giants will face a crackdown on their corporate tax bills under new rules outlined by the Organisation for Economic Cooperation and Development (OECD). Tech titans such as Google, Facebook and Amazon have been accused of dodging taxes by booking their profit in low-tax countries such as Ireland, despite serving customers across the world. Read more: Netflix gets €57,000 tax rebate in the UK as binge-watching boosts profit Earlier this year more than 130 countries agreed to overhaul tax rules written up almost a century ago, and tasked the OECD to lay out new proposals. The new rules would enable governments to levy more tax on cross-border companies relating to the income from sales in their countries. “The current system is under stress and will not survive if we don’t remove the tensions,” Pascal Saint-Amans, OECD head of tax policy, told reporters. The Paris-based organisation hopes its new proposals will stop countries from rolling out their own individual taxes in the absence of global reform. Both France and the UK have already laid out plans for a digital services tax, in moves that risk sparking anger in the US. The OECD’s measures would be a huge boost for countries… Read full this story
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