Sun. AM KTFA News Articles 10-10-21

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KTFA

Samson » October 10th, 2021

136 countries agree that big companies will pay 15% tax

9th October, 2021

A sweeping corporate tax reform has won the support of 136 countries after it resolved major differences over the global minimum tax rate and put an end to new digital taxes that the United States deemed discriminatory

The Organization for Economic Co-operation and Development announced on Friday that a global agreement has been reached to ensure that major companies pay a minimum tax. The list of signatories to the agreement includes all the countries of the Group of Twenty and the European Union

Profit split

After years of missing deadlines and arguing over how to deal with global technology companies like Facebook, Google and others, countries have reached a deal that includes paying big companies a minimum 15% tax, as well as setting key criteria for splitting profits. Multinational corporations are taxed in more countries

But the organization indicated in its statement that four countries that participated in the talks, namely Kenya, Nigeria, Pakistan and Sri Lanka, have not yet joined the agreement

The Organization for Economic Co-operation and Development, which chaired the talks, said the minimum corporate tax rate of 15% could increase governments’ income by $150 billion annually. While the new rules will allow the taxation of $ 125 billion in profits in countries where large companies generate revenue despite their limited physical presence   LINK

Lebanon lives in darkness by turning off the electricity

10/09/2021 14:44:44

Lebanese media reported, today, Saturday, that the electricity network was completely disconnected and Lebanon entered darkness after work stopped at the Al-Zahrani and Deir Ammar plants for energy production.

And the LBCI channel announced that “the electricity network has been completely disconnected and Lebanon has entered the dark, after the Zahrani and Deir Ammar factories stopped, as a result of the fuel oil depletion and the drop in energy production to below 200 megawatts.”

The energy ministers of Egypt, Syria, Jordan and Lebanon agreed, last August, to present a plan of action and a timetable for the implementation of the transfer of Egyptian gas to Lebanon, in addition to the transfer of electricity from Jordan through Syria to Lebanese territory.

Lebanon has been suffering for months from a fuel shortage crisis that is reflected in various sectors, including hospitals, bakeries, communications and foodstuffs, in the midst of an economic collapse that has been going on for two years, which the World Bank has ranked among the worst in the world since 1950.  LINK

Source: Dinar Recaps

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