Germany\'s Scholz wants global tax floor to stop evasion

Germany's Scholz wants global tax floor to stop evasion

Reuters  |  BERLIN 

(Reuters) - Germany's has proposed a global minimum rate of corporation coupled with tougher measures to prevent evaders from stashing their profits in havens, newspaper reported.

In a guest article for the Sunday paper, extracts from which were made available on Saturday, Scholz fleshed out proposals that he was considering jointly with to make it harder for international firms to evade tax.

Both countries are seeking ways to ensure that firms like Amazon, and pay domestic taxes in proportion to the profits they earn in Europe's largest markets, though attempts to harmonise tax rates across the have met stiff resistance from lower-tax members like

"We need a worldwide minimum tax level that no state may go below," Scholz said in the article, adding that any such rules would need to be accompanied by measures to make it harder to move money into tax havens.

Scholz said the internet "was exacerbating a problem that we recognise from globalisation and that we are trying to address: the placing of profits in low-tax locations."

Germany, Europe's largest consumer market, is particularly fertile ground for U.S.-based internet giants, many of which have used offshore structures to minimise their tax exposure to what remains a relatively high-tax

(Reporting by Thomas Escritt; Editing by Adrian Croft)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, October 21 2018. 10:50 IST