EU countries will end "tax evasion", wanting to introduce income tax for text companies

General | Sep 18, 2017 | Master3395

Have seen the use of "Double Irish" and "Dutch Sandwich".

According to reports from Reuters, several EU countries submit a proposal to tax revenue to technology companies. As of now it is common for the tax to be calculated from the profits of a company.

Want income tax
The group is headed by France and finance ministers in Italy, Spain and Germany have also signed the letter sent to the European Union president and commissioner, reports the news agency. Ministers want a new tax structure, called "equalization tax", on income equivalent to corporate tax in the respective country.

"We will no longer accept that these companies operate in Europe and at the same time contribute minimal tax," the letter says.

The background for the proposal is the current model where companies pay tax on profits, and several locks money through countries with low tax rates such as Ireland. Perhaps the most well-known example is Apple, which was last year charged with a $ 13 billion penalty, around 120 billion dollars at that time, by the EU.

Ireland chose to appeal the decision.

Uses loopholes
Google also uses the "Double Irish" loophole, and last year, the company spared $ 30 billion on this method, according to Bloomberg.

"Double Irish" and "Dutch Sandwich" is the name of two methods that allow large companies to send profits through subsidiaries in low-tax countries such as the Netherlands and Ireland, and then on to tax havens like Bermuda and the Cayman Islands.

Keywords: eu, economy

Sources: Reuters

Author: Master3395


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