Silicon Valley’s war against paying tax on revenue as well as profits isn’t going well.
The Organization for Economic Cooperation and Development, which sets international tax standards, has proposed an overhaul of cross-border tax rules that would give governments more power to tax major multinationals doing business in their countries. The OECD published the proposals in a consultation document Wednesday.
The rise of big internet companies like Google and Facebook has pushed existing tax rules to the limit as such firms can legally book profit and park assets like trademarks and patents in low-tax countries like Ireland regardless of where their customers are.
