FILE PHOTO: Japanese finance minister Taro Aso takes questions at the annual meeting of the International Monetary Fund and World Bank in Washington, U.S., Oct. 18, 2019. REUTERS/James Lawler Duggan/File Photo
RIYADH (Reuters) – Japanese finance minister Taro Aso criticized on Sunday a U.S. tax reform proposal that he said could undermine global efforts to agree new rules on taxing big tech companies.
The Organisation for Economic Cooperation and Development(OECD) is developing rules to make digital companies pay tax where they do business, rather than where they register subsidiaries – a move that was broadly endorsed by finance leaders of the Group of 20 (G20) major economies on Sunday.
Yet the OECD efforts were stalled late last year by last-minute changes demanded by Washington, including a proposed “safe harbor” regime which critics say would let multinationals choose whether to abide by the new set of rules or stick to existing regulations.
“I told my counterparts that…
Source Reuters Tech News