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Author Topic: Germany urges global minimum tax for digital giants  (Read 84 times)
Hydrogen
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October 21, 2018, 05:34:43 PM
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Frankfurt am Main (AFP) - German Finance Minister Olaf Scholz said in an interview for publication Sunday he backed a global minimum fiscal regime for multinationals as Europe looks to levy tax notably on US tech giants.

"We need a minumum tax rate valid globally which no state can get out of (applying)," Scholz, a social democrat in conservative Chancellor Angela Merkel's coalition government, told the "Welt am Sonntag" weekly.

Europe is trying to devise a strategy to tax profits from the likes of Google, Amazon, Facebook, Apple and digital platforms such as YouTube and Airbnb which currently manage to keep fiscal exposure to a bare minimum.

Digital platforms "aggravate a problem which we know well from globalisation and which we are trying to counter -- the shifting of profits to fiscally beneficial regions," said Scholz.

Scholz was last week nonetheless reported not to be convinced by a controversial EU proposal to slap a European tax on US tech giants amid worries it may turn out to be both ineffective and protectionist.

France for a year has rallied EU partners to draw up the tax which Paris says is necessary to ensure tech giants pay their way.

Scholz explained he had launched an initiative designed to help states react to so-called fiscal dumping in support of embryonic OECD plans designed to fight tax transparency and cross-border tax evasion.

"We require coordinated mechanisms which prevent the displacement of revenues to tax havens," said Scholz.

The European Commission, the EU's executive arm, has proposed a European tax on "big tech" with susbstantial digital revenue in Europe, based on overall revenue in Europe and not just profits.

But lead opponent Ireland says a growing number of countries are grumbling about hidden problems with the tax, including that it could inadvertently snag European companies.

There is also concern as to what consequences might flow from such a plan at a time against the backdrop of a potential full-blown EU-US trade war.

Berlin worries that cranking up the ante on trade with the United States by launching what Washington could see as an attack on Silicon Valley's corporate giants may threaten German auto exports.

Germany has already shown some opposition to a French plan to tax tech giants three percent of certain forms of revenue including advertising and sale of personal data.

French Finance Minister Bruno Le Maire said Thursday he will in the coming days urge EU members to commit to backing a tax.

A March proposal by the Commission includes introducing a tax as a bridge measure until such time as the OECD can roll out a measure which can be applied globally.

https://www.yahoo.com/news/germany-urges-global-minimum-tax-digital-giants-220405598.html

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For anyone who has wondered why US residents are blocked from using many crypto platforms like bitmex, this article could reveal partial reasoning behind that. The key here is whether the EU seeks to exclusively tax only US tech giants. Or whether their taxation policy applies also to non US tech giants like toshiba, sony or samsung. Also whether or not chinese tech firms are taxed could also be relevent.

We might attribute these policies to being intent on the part of a "deep state" to weaken the US economy. Efforts at instigating a war between russia and the united states may also be designed to weaken two dominant world powers so that china can ascend towards becoming the world's dominant superpower.

It might also be explained by nations attempting to spend and tax their way out of debt rather than increasing the efficiency of budgets and spending. Rather than addressing inefficiency, bloat and waste in spending we see efforts at increasing tax revenues, which could easily pan out as being futile and ineffective without efforts also being made to bring spending under control.

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LeGaulois
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October 21, 2018, 11:23:35 PM
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Europe is against the US firms that use Europe but do everything to pay a lot fewer taxes in. During the last year, ut has become more and more visible. Europe realized how many millions the US are avoiding in the country they operate. A tax for digital companies is good for Europe since it's like a way to force the giants to pay what it's really due, and for the citizens too at the end of the chain.

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October 21, 2018, 11:37:04 PM
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Pay taxes when investing in electronic money. I think this is not a serious issue, it does not affect the development of digital money. Germany calls for digital taxpayers to pay taxes. Demonstrate that the electronic money market in this country is very developed and bring high income.

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October 22, 2018, 02:34:26 AM
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For anyone who has wondered why US residents are blocked from using many crypto platforms like bitmex, this article could reveal partial reasoning behind that. The key here is whether the EU seeks to exclusively tax only US tech giants. Or whether their taxation policy applies also to non US tech giants like toshiba, sony or samsung. Also whether or not chinese tech firms are taxed could also be relevent.

We might attribute these policies to being intent on the part of a "deep state" to weaken the US economy. Efforts at instigating a war between russia and the united states may also be designed to weaken two dominant world powers so that china can ascend towards becoming the world's dominant superpower.

it sounds to me like european governments are hurting for tax revenues, and are looking for ways to generate them. it seems like they're trying to capture tax revenues that were previously brought in (and taxed) by domestic brick-and-mortar businesses, or otherwise want to tax foreign businesses without going the route of tariffs.

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October 23, 2018, 08:10:18 AM
 #5

That sounds as one of the rarest problems Germany has right now. They have seen what technology can do and how it can change a whole country and the world improving towards more tech oriented and they are trying to prepare themselves on the fact that if there is a global tax for digital stuff than there wouldn't be a reason why any tech company select one country over another since there would be a global tax.

Companies that run away to Ireland or somewhere like that for less taxes are hurting the big nations like USA and Germany and even England because it is so easy to move away from London to Dublin. So, if germany can achieve such a task (which is really hard getting everyone agree on this) they could keep their companies in their country and help them out a lot more knowing they won't leave.

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October 25, 2018, 06:18:38 PM
 #6

This might not affect as the giants as much as it seems. As this market has booming potential, EU is trying to rev up their game from these tax revenue.
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October 25, 2018, 06:19:00 PM
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In the event that European countries becomes strict on the taxes imposed on digital comapnies than US giants will be forced to pay up, which it seems that they were avoiding.
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October 25, 2018, 06:19:19 PM
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If European nations start being strict on tax imposed on US tech companies, this would promote local tech companies which then would find a plain ground for fair competition with US based companies. My guts tell me, this is good for ICOs and we might see a few really good of them emerging from there.
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October 25, 2018, 06:20:20 PM
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European nation are being a bit hard to the US tech companies. What they are trying to achieve is not clear to me but the taxes are bringing a lot.
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October 26, 2018, 08:53:53 PM
 #10

Well for one, they are implementing absurd fines to an absurd claim of violation (Google fined a record $5 billion by the EU for Android antitrust violations), so it's not that surprising that they will be doing the same for their tax revenues. In a way, this will benefit the EU in terms of economical stability and help tax US tech companies for the right amount they have been trying to avoid since anyone knows when. This might seem a bit harsh for the us tech companies but knowing that they are operating on foreign soil, they must know to abide by the rules in order to continue doing business in that certain region.

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