Luxembourg welcomes new U.S. global corporate tax plan

The U.S. administration is calling for the world’s biggest multinational companies to pay corporate taxes to national governments based on revenues in each country, as part of an ambitious proposal for a global minimum tax.

This initiative is “well timed and a positive step towards promoting solidarity in the treatment of multinational companies”, said Luxembourg Finance Minister Pierre Gramegna. “The proposals of the Biden administration go in the right direction, and in the best interests of both Europe and the United States”, he added.

Gramegna added a note of caution that “some European countries, for example small open economies like the Benelux countries, Scandinavian countries, Ireland, have specific considerations to value and to put forward that need to be taken into consideration. But the global direction is the right one.” 

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