Global plan unveiled to better tax multinationalsPTI | Paris | Updated: 09-10-2019 18:46 IST | Created: 09-10-2019 18:46 IST
Paris, Oct 9 (AP) The Organisation for Economic Cooperation and Development has proposed a plan to overhaul the way multinationals - particularly tech giants - are taxed to make sure they pay their fair share in countries where they do significant business. The plan from the Paris-based OECD, which advises 134 countries on policies, comes after France and the United States agreed in August to find a way to better tax digital businesses by mid-2020.
The OECD proposal would re-allocate some taxes to countries where giant companies like Google, Facebook, Amazon and Apple "have significant consumer-facing activities and generate their profits." OECD Secretary-General Angel Gurría said: "We're making real progress to address the tax challenges arising from digitalization of the economy, and to continue advancing toward a consensus-based solution." The OECD's framework will be presented to finance ministers of the G-20 in Washington next week. (AP)