Market countries have the right to levy a 15 percent tax on global corporate income starting in 2025. What about incentives?
Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us atFinance ministers from the G7 member countries and partner countries took a photo session at Lancaster House in London on Saturday . The G7 agreed on a minimum global corporate income tax rate of 15 percent.
Another practice that the Global Minimum Tax aims to prevent is the phenomenon of race to the bottom or competition in tax rates between countries. There is a tendency for countries throughout the world to compete to apply the lowest possible tax rates, giving rise to unhealthy competition between countries.
Because, globally, the multinational companies concerned are still obliged to pay a minimum tax of 15 percent on their income and profits in the market country. This tax can be paid to the source or market country or to the domicile country . Several developed countries, such as the United States, South Korea, and Japan, are now choosing to provide subsidies as a replacement for tax incentives. For example, the subsidy policy in the CHIPS Act for chip and semiconductor companies that build factories in the US.
"So, our incentive policy may clash with the Global Minimum Tax, or it may not. To avoid conflict, we just need to consider its implementation options," said Prianto.Breaking free from the debates that arose within the cabinet, in the end, the government has solidified its decision to implement the Global Minimum Tax starting from 2025.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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