DUBLIN—U.S. Treasury Secretary Janet Yellen said she expected U.S. tech giants to broadly support the reallocation of taxing rights agreed to by nearly 140 countries as part of a broader deal on global taxes, saying the impact on U.S. companies should be minor. Yellen told Reuters on Sunday the support of the big global players…
Strong Tech Support Could Help Sell Congress on Global Tax Rules: Yellen
November 1, 2021
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Elon Musk Gives Two Thumbs Down to Billionaire Tax Idea
The world’s richest man is not happy over the billionaire tax proposal being floated as a means to finance the Biden administration’s “Build Back Better” infrastructure agenda. What Happened Tesla Inc. CEO Elon Musk shared his displeasure over the proposed tax following a tweet by Washington Post reporter Christian Davenport, who observed that “Musk would…
San Diego County to Implement 4-Cent-Per-Mile Tax
The San Diego Association of Governments’ (SANDAG) board of directors approved Oct. 29 a four-cent-per-mile tax proposal that could impact every driver in San Diego County by 2030. The proposed mileage tax is intended to supplement and eventually replace gas taxes, which have dropped considerably as gas mileage has increased and hybrid and electric cars…
US Drops Tariff Threat in Digital Tax Transition Deal With European Countries
October 23, 2021
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PARIS/WASHINGTON—The United States on Thursday withdrew its threat of tariffs against five European countries over their digital services taxes as part of a deal to manage the transition to a new global tax regime for large highly profitable corporations. Austria, Britain, France, Italy, Spain will get to keep their digital taxes in place until a…
County Treasurer-Tax Collector’s Office Seeking to Return More Than $700,000
SAN DIEGO—The San Diego County Treasurer-Tax Collector’s Office is seeking o reunite nearly $715,000 in county refunds with its rightful owners, it announced Oct. 19. Taxpayers can see if their name is on the list at sdttc.com. “With many people cash-strapped, it’s essential to return this money to the citizens of San Diego,” said Treasurer-Tax…
Pelosi Doubles Down On IRS Looking Into Bank Transactions
Speaker of the House Nancy Pelosi (D-Calif.) has doubled down on a provision in the Democrats’ multi-trillion-dollar reconciliation bill that would allow the Internal Revenue Service (IRS) to see information on all Americans’ bank transactions totaling $600 or more. Republicans and banks have raised the alarm about the provision, reporting that their constituents and clients…
Facebook: Global Tax Deal Could Mean US Paying More Tax
October 9, 2021
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An international deal setting a global minimum corporate tax level could mean Facebook will pay more tax, the world’s largest digital social network said on Friday. “Facebook has long called for reform of the global tax rules, and we recognise this could mean paying more tax, and in different places,” Nick Clegg, Facebook Vice President…
Over 130 Countries Reach Agreement to Set Corporate Minimum Tax at 15 Percent
A group of 136 countries on Friday set a minimum global tax rate of 15 percent for big companies. Negotiations have been going on for four years and while the costs of the coronavirus pandemic gave them additional impetus in recent months, a deal was only agreed upon when Ireland, Estonia, and Hungary dropped their…
Hungary Agrees to Global Tax Deal, Finance Minister Says
BUDAPEST—Hungary has agreed to join the agreement on a global corporate minimum tax as the conditions it proposed, which included a 10-year transitional period, have been met, Finance Minister Mihaly Varga told reporters on Friday. “We have managed to reach a breakthrough on the global minimum tax deal … so Hungary could join the deal…
Ireland Agrees to Global Tax Deal, Sacrificing Prized Low Rate
October 8, 2021
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DUBLIN—Ireland dropped its opposition to an overhaul of global corporate tax rules on Thursday, agreeing to give up its prized 12.5 percent tax for large multinationals in a major boost to efforts to impose a minimum rate worldwide. Ireland, the low-tax European headquarters for blue chip companies including Apple, Google, and Facebook, declined to sign…
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