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Scoop.it!
EU directive on Joe Biden’s proposal for 15% tax rate on multinationals would require unanimous support 
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Scoop.it!
Despite lockdown surge the firm’s Luxembourg unit made a €1.2bn loss and therefore paid zero corporation tax
Graham Watson's insight:
Just read this: tax avoidance on a grand scale. Much as I'm an Amazon customer, I'd love to hear a justification of this that goes beyond the "it's legal" argument.
It's also horribly immoral, and means that the tech giant is competing with other retailers on a far from even playing field.
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But here's the kicker - exactly as I suggested when the issue was first raised. Game theory suggests that it will be difficult to get universal agreement on a minimum global corporate tax rates because it's in the self-interest of an economy to have the lowest rate, safe in the knowledge that it will attract inward investment.
Hence, Cyprus has suggested that it could block the adoption of a minimum global corporate tax rate within the EU, and I note that Luxembourg and Ireland have remained silent on the issue. All of these economies have done well out of having low corporate tax rates. Cyprus, though, is the only one that has currently seized the moral low ground.