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Taxes on EU multinationals to collect over €83 billion

Taxes on EU multinationals to collect over €83 billion

Brussels, Oct 27 (Prensa Latina) The European Union (EU) would increase its corporate income tax revenue by additional €83.3 billion if it applied a minimum rate of 15% to corporate taxes, the EU Tax Observatory said Wednesday.
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But this income would mainly benefit developed countries where multinationals have been based in.

This increase would be equivalent to a quarter of the revenue the EU collects annually through corporate tax.

For example, the United States would collect an additional €57 billion per year, China (€6.1 billion), South Africa (about €3.8 billion) and Brazil (around €1.5 billion).

In the case of major EU´s economies, Germany would collect €13.1 billion, Spain (about €5.2 billion), Italy (€3.1 billion), France (€3.9 billion).

The report also stated that certain tax exemptions agreed in October would have an impact on collections.

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