Peter Barnes Weighs in on EU Global Minimum Tax Deal in Financial Times
The EU’s promise to introduce a global deal to set a minimum tax rate for multinationals of 15 per cent is expected to trigger a wave of implementation across the world.
Peter Barnes, a tax specialist at the Washington law firm Caplin & Drysdale, said the EU agreement “was quite remarkable” and gave “cover to other countries that support a global minimum tax but do not want to be first-movers”.
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It would be “very challenging for US companies” to comply with both US and OECD rules, and the EU decision “should prompt” the US Congress to seek to align the systems, said Barnes. Doing so would ease the burden on multinationals forced to comply with multiple tax codes instead of one global standard, he added.
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- Of Counsel