G7 DEAL LIKELY TO FORCE CHANGE IN DRINKS MAJORS’ TAX PRACTICES
July 1st, 2021
A novel global taxation system under discussion at the G7, G20 and the OECD will raise minimum tax thresholds for drinks multinationals. However, only a handful are large enough to fall under a rule forcing them to pay tax in all their major markets rather than tax havens or their parent company base.
This latter rule is ‘Pillar One’ of a deal accepted in principle by G7 finance ministers last month (1) (June 5), which would expand taxing rights to market countries for major drinks businesses. (2)
This would allow tax authorities in jurisdictions where an ...
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