06/04/2021
G-7 nations -- Canada, France, Germany, Italy, Japan, the United Kingdom, and the US -- agree to institute a global 15% tax on businesses and steps to restrict tax havens. It will take long negotiations. Nations such as Ireland benefit from the current tax laws, which allow them to be tax havens. The new rules will have to be approved by the legislatures of the participating countries. In principle, if a German company reports its profits through an Irish subsidiary, where taxes are 5%, Germany would receive 10% of those profits.