Companies such as Google could be affacted by global changes to the tax code Ng Han Guan/APAmerica’s giant technology companies have been warned that loopholes used to minimise their tax bills could be closed by next year. The G20 club of the world’s largest economies have agreed to speed up an overhaul of the global tax code aimed at extracting more from the likes of Google, Facebook and Apple. Meeting in Japan yesterday, the countries’ finance ministers agreed to complete a long-awaited reboot of the tax system by the end of next year. The Organisation for Economic Co-operation and Development has been working for much of the past decade on a sweeping reform of the rules, which are based on a patchwork of treaties dating back to the 1920s. The global organisation wants to update them for an era in which…

Source: The Times June 09, 2019 23:07 UTC