WASHINGTON — An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned.
According to the report, being released Monday by the EU Tax Observatory, the agreement was expected to raise an amount equal to nearly 10% of global corporate tax revenue. Instead, because the plan has been weakened, it says the minimum tax will generate only half that — less than 5% of corporate tax revenue.
The EU Tax Observatory noted that even under the rules of the 2021 agreement, companies would maintain some ability to evade taxes. Companies that have tangible businesses — factories, warehouses, stores and offices — operating in a particular country, for example, could continue to pay a tax rate below 15%. That carveout, the EU Tax Observatory warned, could “give firms incentives to move production to countries with tax rates below 15%.
The EU Tax Observatory isn't calling for an outright ban on green-technology subsidies. But it is urging governments to consider other policies to offset the financial gains to the wealthy from such tax breaks. “There are some matters that are important to the United States and other countries that remain unresolved — open issues that still must be resolved before the treaty can be signed,″ she said after meeting with European finance ministers.
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