States vs corporations

Catching capital is hard to do

Behind the scenes of the G7 tax reform proposals, an old battle between states and corporations is taking place. But even if multinational corporations end up paying tax somewhere, where they pay it is still up for grabs. The battle then becomes one between rich and developing countries, Peter Dietsch argues.

 

The headlines from the G7 summit in Cornwall might suggest that the groundwork has just been laid for the most fundamental overhaul of the international tax regime in decades. The twin proposal accords additional taxing rights to states with large consumer markets and introduces a global minimum tax rate of 15%. It has been heralded as a game-changer to the way multinational corporations are taxed. Yet, such an optimistic reading of events would be premature.

To assess the merits of the plan tabled by the G7 as well as to evaluate its chances of success, it is useful to recall the double challeng

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