Peter Barnes Talks to POLITICO on Global Tax Deal
The world's largest economies agreed Thursday to sweeping changes to the global tax system, despite staunch opposition from low-tax regimes like Barbados, Ireland and Hungary.
Four officials at the talks told POLITICO that 130 countries had signed up to the deal, which the Organisation for Economic Cooperation and Development announced soon after. The initiative aims to introduce a global tax for the world's 100 biggest companies and set an international minimum effective corporate tax rate of at least 15 percent. Nine countries, mostly offering low corporate tax regimes, opposed setting the minimum rate, the people added, speaking on the condition of anonymity.
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"You can set whatever regime you want, but we're telling you that U.S. companies no longer have an incentive to operate there," said Peter Barnes, a lawyer at the tax firm Caplin & Drysdale who was previously a senior international tax counsel for General Electric. "Washington is looking for others to follow its lead on that."
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- Of Counsel