Re:G7: Rich nations back deal to tax multinationals
by jedberg on Saturday June 05, 2021 @10:11PM
(#27410126)
Part of the agreement is that you have to have $10M in profit in that country before the rules apply.
So that would never happen. You’d have to make a ton of money there before you have to file taxes. And it’ll be worth it by then.
Re:G7: Rich nations back deal to tax multinationals
by Aerroon on Saturday June 05, 2021 @10:41PM
(#27410291)
Ah, I missed that part. You're right in that case! I'm just so used to the EU coming up with new rules without reasonable exemptions that I assumed the same here.
It's my mistake!
Re:G7: Rich nations back deal to tax multinationals
by StandardFuture on Sunday June 06, 2021 @11:00AM
(#27413635)
> you have to have $10M in profit
Sorry, I missed where this was mentioned in the article. Can you supply a link to the reference if it is not in the article?
I did see the following quote:
> The rules on making multinationals pay taxes where they operate - known as "pillar one" of the agreement - would apply to global companies with at least a 10% profit margin.
which is not equivalent to your comment.
Imagine running a small business and somebody from Algeria wishes to purchase your software. Is the $5 you make worth having to file Algerian taxes?
I mention this, because this is something that happened with YouTube this month. Content creators have to give their tax info to YouTube because the US is now charging taxes from creators outside the US on money they made on US customers.
Edit: as was pointed out - there's a minimum $10 million threshold. That makes it far more reasonable.