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Thursday, April 25, 2024

Google endorses ‘international tax deal’ for multinationals

(Washington) – Google said it supports a global agreement on taxation that could allocate more taxes from multinationals to jurisdictions outside their home countries.

“We support the movement toward a new comprehensive, international framework for how multinational companies are taxed,” said a blog post from Karan Bhatia, Google’s vice president for public affairs and public policy.

“Corporate income tax is an important way companies contribute to the countries and communities where they do business, and we would like to see a tax environment that people find reasonable and appropriate.”

The announcement from Google comes with Group of 20 leaders discussing plans for a global tax system that aims to help some countries get more revenue from tech firms.

At the same time France is moving toward imposing its own tax on digital giants based on revenue instead of profits amid opposition from Washington.

Google said the change would probably mean Silicon Valley tech giants would pay less in the United States and more in other jurisdictions, in a departure from the longstanding practice of paying most taxes in a company’s home country.

Google said its overall global tax rate has been around 23 percent for the past 10 years, in line with the 23.7 percent average rate across the members of the Organization for Economic Cooperation and Development, and that most of this is paid in the United States.

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