Loopholes in Global Tax Deal Will Sharply Limit Revenue, EU Watchdog Warns
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Global deal to impose 15% minimum tax on multinationals has loopholes that will sharply limit revenue raised, EU tax watchdog warns.
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Agreement was meant to stop companies like Apple and Nike shifting profits to tax havens, raising estimated $100-240 billion a year.
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But exemptions for tangible business assets and tax credits will cut total raised to around $136 billion, report says.
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Delay until 2026 in letting countries tax U.S. companies also reduces impact.
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Watchdog warns of "race to the bottom" as countries compete to offer tax breaks for green technologies.