Peter Barnes Comments on the Global Tax Fight in POLITICO
Washington may have fallen out of love with Big Tech. But when it comes to revamping the world’s tax system, the United States backed Silicon Valley against the world.
The U.S. government fended off a largely European push to force the likes of Google, Facebook and Amazon to pay more into national coffers worldwide. Instead of targeting digital — and almost exclusively American — companies, Washington succeeded in convincing countries to agree on a tax regime that requires the world’s largest companies, digital or not, to pay more tax in countries wherever they have local operations.
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“If anybody has integrity. I think they're going to say all companies are in for whatever criteria we finally adopt and let the chips fall where they may,” said Peter Barnes, a lawyer at the tax firm Caplin & Drysdale who was previously a senior international tax counsel for General Electric. “That’s the only way a deal is going to last.”
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