Germany, Britain expect patent box deal at G20 meeting
[BERLIN] The finance ministers of Germany and Britain said on Wednesday that they expect an agreement on closing a loophole called "patent box" tax breaks to be reached at a meeting of the leaders of the Group of Twenty (G20) in Brisbane.
Under the loophole, firms use tax breaks on profits generated from patented research to minimise tax bills.
Germany's Wolfgang Schaeuble and Britain's George Osborne were speaking at a conference in Berlin where 51 countries agreed to automatically swap tax information as part of the OECD's efforts to combat tax evasion.
"The technical work is well under way and therefore I am confident the summit in Brisbane will ... produce an adequate result and I am also optimistic the G20 leaders will adopt it and accept it," Mr Schaeuble said.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise
China 2024 growth outlook raised to 4.8%, deflation risk lingers
Luxury sector outlook clouded by China’s slow recovery
‘We aren’t going anywhere’: TikTok CEO expects to defeat US restrictions
TikTok artists and advertisers to stay with app until ‘door slams shut’