Opinion: The global tax revolution is coming | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Opinion: The global tax revolution is coming

The world is truly on the verge of a "colossal" upheaval of the tax system applied to big companies. This was how German Finance Minister Olaf Scholz hailed the agreement reached in principle by 130 countries, under the guidance of the Organization for Economic Cooperation and Development (OECD). It really can be described as historic. For the first time in 100 years, the global community is set to agree on a radical restructuring of the tax system that would make it fairer with regard to the global economy, including online business.

The agreement envisages that international corporations will no longer pay taxes in the country where they register their headquarters for tax purposes, but where they generate their sales. This would affect not just the big American internet giants, like Google's parent company Alphabet and online retailers such as Amazon, but also Chinese corporations, French firms, and German companies such as Volkswagen, Daimler and Siemens, which would in future pay more tax in the countries that are their principal markets.

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