Left Menu
Development News Edition

OECD should agree on minimum taxation for Amazon, Google and alike: Olaf Scholz

Devdiscourse News Desk | Berlin | Updated: 17-05-2019 22:06 IST | Created: 17-05-2019 18:07 IST
OECD should agree on minimum taxation for Amazon, Google and alike: Olaf Scholz
Image Credit: Wikimedia

German Finance Minister Olaf Scholz said on Friday he expected the Organisation for Economic Cooperation and Development (OECD) will agree on a minimum level of taxation for digital companies such as Amazon, Google and Facebook by mid-2020. He also said he expected progress by the third quarter of 2019 on introducing a financial transaction tax in at least nine EU countries.

"We discussed the taxation of large companies, especially in the digital economy," Scholz told a news conference after a meeting of EU finance ministers. "We are on the way... to an international agreement on the level of the OECD, but also in the G7 and G20," Scholz said. "I expect that by summer next year we will reach an agreement at the OECD on minimum taxation... We will need at the same time an agreement on the taxation of companies so that it leads to better taxation of the digital economy."

France has proposed to help finance a future budget for the eurozone from taxes on digital companies, but some countries are wary of the move unless it is backed globally as not to put Europe at a disadvantage. Scholz also said he expected progress on another potential source of funding for the future eurozone budget, the financial transaction tax, by the third quarter of this year.

"It looks like the enhanced cooperation will show results in summer. We are working on the legal text. The basis for it is the Franco-German proposal. We are trying to convince smaller states. I expect German revenues from the tax would be around 1.2 billion euros. The effort would pay off," he said.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Asia-Pacific response to COVID-19 and climate emergency must build a resilient and sustainable future

... ...

Aviation post-COVID 19: Hard time ahead of getting people back on planes

The sweeping travel restrictions have largely brought international travel to a halt and domestic travel is also facing a huge number of cancellations as billions of people are ordered to stay inside their homes as part of strict lock-downs...

All party meeting - Blocking dialogue not culture of Bengal, Mamata needs to speak up

If that happens, history will record it as the dark age of Bengal....

Videos

Latest News

TRIFED and UNICEF develops digital communication strategy for Self Help Groups

To ensure tribal gatherers carry on their work safely, TRIFED has collaborated with UNICEF for developing a digital communication strategy for promoting a digital campaign for Self Help Groups SHGs involved in this work, highlighting the im...

Afghanistan frees 100 Taliban, but group hasn't verified

Afghanistan released 100 Taliban prisoners on Wednesday, claiming they were among 5,000 detainees to be freed under a deal between insurgents and the US. The Taliban, however, said they are yet to verify whether those released were on the l...

Gen.G remain atop the LCK spring standings

Gen.G maintained a narrow lead in the League Champions Korea 2020 spring standings with a 2-1 win Wednesday against APK Prince. Gen.G 13-3 stayed just ahead of T1 12-3, while APK Prince 5-11 dropped one rung to ninth place as Week 8 action ...

FACTBOX-Europe eyes world's biggest fiscal support package against coronavirus

European Union governments and institutions are likely to agree on Thursday on steps that could boost the EUs fiscal response to the coronavirus pandemic to 3.2 trillion euros, the biggest such package in the world. Existing measures alread...

Give Feedback