British Prime Minister Boris Johnson has vowed to reshape the UK economy towards a “high-wage,” “low-tax” system, despite his recent decision to raise taxes in violation of his own election pledge. Speaking at the annual conference of the ruling Conservative Party on Wednesday, Johnson said his economic vision can be achieved through controlled immigration and…
Ireland Says Final Global Tax Text Due on Wednesday, Hopes to Sign Up
DUBLIN—A final text of a global corporate tax overhaul is due to be circulated to negotiating countries later on Wednesday, Ireland’s foreign minister said, adding that the Irish government hoped to sign up. “I am hopeful Ireland can be part of supporting this new measure but we have to wait for the final text which…
UK Chancellor Not Ruling out Tax Hike Amid Warning of Hitting ‘The Limit’
Chancellor of the Exchequer Rishi Sunak refrained from ruling out future tax rises on Monday as ministers face pressure from their own party to put a lid on taxes. After Prime Minister Boris Johnson declined to rule out tax rises in the upcoming budget last week, senior Conservative Party members have warned the government that…
Ireland to Back Global Tax Deal If Concerns Met: Minister
DUBLIN—Ireland will likely sign up to an overhaul of global corporate tax rules if certainty is brought to bear on its concerns when an updated text of the OECD’s proposals is published shortly, Finance Minister Paschal Donohoe said on Thursday. Ireland, the low-tax European headquarters for a number of the world’s largest multinationals, has so…
US Treasury’s Yellen Seeking October Agreement on Global Minimum Corporate Tax
September 29, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen said on Tuesday she is looking for G20 countries to reach political agreement on a global minimum corporate tax deal at their summit in October and has not ruled out a rate higher than 15 percent. Yellen, speaking to the National Association for Business Economics, said the Senate Finance Committee…
Labour Promises to Scrap UK Business Rates in ‘Biggest Overhaul in a Generation’
The Labour Party will promise to scrap business rates as part of a dramatic overhaul of the taxes paid by firms. Shadow chancellor Rachel Reeves is set to announce that a Labour government would immediately cut the business tax, before eventually phasing it out completely. But she will also commit to closing loopholes that allow…
US Senate Confirms Batchelder for Treasury Tax Post
September 23, 2021
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WASHINGTON—The U.S. Senate on Wednesday confirmed Lily Batchelder to serve as assistant secretary for tax policy at the Treasury Department, where she will play a big role in implementing tax changes sought by President Joe Biden and congressional Democrats. Batchelder won confirmation in a 64–34 vote, with 15 Republicans voting in support of the New…
US Treasury’s Yellen Urges Irish Finance Minister to Take Global Tax Deal
September 23, 2021
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WASHINGTON—U.S. Treasury Secretary Janet Yellen urged Paschal Donohoe, the finance minister of low-tax Ireland, to take a “once in a generation opportunity” for a global deal that would stop a race to the bottom on corporate tax rates, the Treasury said on Wednesday. Despite pressure from Yellen and European Union officials, Ireland has not wavered…
US Banking Lobby Groups Oppose Proposed Tax Reporting Law
The largest U.S. banking lobby groups banded together on Friday to make another push to kill a proposed bank account reporting law being drawn up as part of the congressional reconciliation package. In a letter to U.S. House of Representatives Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, the lobby groups said the proposal…
Court Win for EU Regulators Over Crackdown on $825 Million Belgium Tax Scheme
LUXEMBOURG—EU competition regulators secured a big win on Thursday when Europe’s top court backed their crackdown on Belgium’s 700-million-euro ($825-million) tax scheme for Magnetrol, BP and more than 30 other multinationals. European competition chief Margrethe Vestager launched a fight against sweetheart tax deals nearly a decade ago. She has won three cases at a lower…
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