General Electric's Director of Global Tax Policy Will Morris drafted a letter to the Center for Tax Policy recently. Supported by some of the world's largest tech firms, the letter addressed policies which multinationals deem as ludicrous and outdated.
The letter, created early this year, was addressed to the Center for Tax Policy head Pascal Saint Amans. Highlights of the letter included concern over the proposal in a tax convention update. He declared that their concerns have been repeatedly ignored. The Organization for Economic Co-operation and Development, which manages the Center for Tax Policy, have been receiving comments regarding the issue from tech firm representatives for many years now.
According to analysts, regulations on tax activities for multinational companies are outdated. They said that the old rules are no longer applicable to firms such as Google and Apple which find ways to circle around the regulations. Big firms split their financial activities in different markets, reports said, which allow them to incur much lower tax responsibilities.
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