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One hundred of the largest companies in USA will have to pay the minimum tax of 15% provided for in the climate plan of Joe Biden adopted in 2022, after the Department of the Treasury will publish a preliminary text of the application of the rule on Thursday.
This measure will generate around 250 billion dollars in 10 years in taxes, of which 20 billion will be collected in 2025. The regulations concern companies that have more than one billion dollars a year in earnings.
The 600-page text sets out the details of the implementation of this initiative approved two years ago by the Congress.
It is “an important step toward completing Congress’s efforts to combat corporate tax avoidance and ensure that the country’s largest and most profitable firms are prevented from paying little or no taxes,” the statement said. Treasury Secretary Janet Yellen, in a statement.
It is about preventing companies from using tax ploys which allow you to pay much less than the standard rate.
“Some of the country’s most profitable corporations report record profits to shareholders while using complex tax strategies to pay little or no taxes, often paying less than nurses, firefighters, police officers or teachers”added Treasury Undersecretary Wally Adeyemo.
“The ability to appeal to accountants and lawyers to reduce tax rates to zero gives multi-billion dollar corporations a competitive advantage over “small businesses”he told reporters before the guidance was published.
According to the Tesoro, Without this measure, these companies would have had “an effective federal tax rate of 2.6% on average”, even below 1% in the case of 60% of the hundred companies concerned.
The regulation concerns a regulation approved in August 2022 within the framework of the so-called Inflation Reduction Act (IRA), an environmental law of the Biden administration, and differs from the agreement that was signed on this same subject under the aegis of the OECD in 2021 by more than 130 countries.
The agreement within the framework of the OECD introduces a global minimum tax rate on multinational profits of 15%, with the aim of ending the race to provide tax breaks to attract investment.
In EThe United States Congress opposed this pact. A public comment period opens Thursday through December 12, and a public hearing on the new U.S. legislation is scheduled for January 16.
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2024-09-20 05:18:37