International virtual tax deal may not be in a position till early 2024, France’s finance minister says

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Finance Minister Bruno Le Maire arrives earlier than a gathering with France’s President Emmanuel Macron and India’s Top Minister Narendra Modi on the Elysee Palace in Paris, France Would possibly 4, 2022. REUTERS/Gonzalo Fuentes

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PARIS, Would possibly 24 (Reuters) – A world virtual tax deal may not be in a position till the top 2023 or early 2024, French Finance Minister Bruno Le Maire stated on Tuesday, flagging a large prolong to the reform’s implementation.

The deal, which officers had was hoping to log out on on the center of this yr, goals to reallocate rights to tax large virtual teams akin to Apple and Google to the nations the place the top shoppers are positioned.

It’s the first of 2 pillars of a big overhaul of the foundations of cross-border taxation which additionally come with plans for an international minimal company tax of 15% on large multinationals.

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“So far as Pillar I is worried – virtual taxation – we may not spare our efforts to persuade the global neighborhood and the contributors of the OECD to do their highest efforts to have a consensus within the coming months,” Le Maire stated after chairing a gathering of EU finance ministers in Brussels.

“It could be the top of 2023, it could be the start of 2024, the important thing level is to have a complete overhaul of the global taxation device,” Le Maire added.

Just about 140 nations agreed closing October to rewrite the foundations of global taxation for the primary time in a technology, surroundings a 2023 cut-off date for implementation.

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Reporting by way of Sudip Kar-Gupta and Leigh Thomas, Modifying by way of Louise Heavens

Our Requirements: The Thomson Reuters Consider Rules.

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