OECD ? report: Multinational companies pay almost no taxes ...

The Organization for Economic Co-operation and Development (OECD) released a report on the 12^th of February in which they reveal that big, multinational companies only pay a marginal amount of taxes. Google for instance paid only 3.2% taxes in 2011, General Electric even paid no taxes at all, despite the fact that in the same year these companies earned 10 and 14 Billion dollars in profits. According to the Secretary-General of the OECD, Angel Gurria, this result is devastating and reveals the deficiency of international tax laws, as even if the results may seem absurd, they are still absolutely legal and in accordance with the law.

Gurria urged for more co-operation on the international level in order to secure the lost taxes for states in the future, as the enormous budget deficits that are created in the national budgets would eventually have to be carried by citizens and middle-class companies.

On the webpage of the OECD it says: ?These gaps, which enable multinationals to eliminate or reduce their taxation on income, give them an unfair competitive advantage over smaller businesses. They hurt investment, growth and employment and can leave average citizens footing a larger chunk of the tax bill.?

Continue reading about the report of the OECD here.

Source: http://www.facing-finance.org/en/2013/02/oecd-report-multinational-companies-pay-almost-no-taxesoecd-bericht-multinationale-konzerne-zahlen-so-gut-wie-keine-steuern/

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