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Analysis: G7 global tax plan may hit corporate titans unevenly
  + stars: | 2021-06-10 | by ( Tom Bergin | ) + 0.00   time to read: +7 min
Four tax specialists concurred with Reuters’ methodology but noted that there is still uncertainty about how the measures would be applied, including which tax breaks are included in the 15% minimum overseas tax. Applying the same methodology to J&J, and its 2020 global profits of $16.5 billion, the healthcare company would see its global tax bill rise by about $270 million as a result of the first measure. Also at issue is which country the profit is moved from and to - and therefore what the increase in tax rate is. Excluding the impact of the first proposed measure, increasing the tax rate on overseas income to 15% would mean $45 million of additional tax. Applying a 15% tax rate to that overseas income figure would result in $990 million in additional taxes, according to Reuters’ calculations.
Persons: Rishi Sunak, Stefan Rousseau, Johnson, José Castañeda, , Organizations: Lancaster House, Reuters, Google, Inc, UK Treasury, Organization for Economic Cooperation, Thomson Locations: London, Britain, U.S, United States, Canada, France, Germany, Italy, Japan, United Kingdom, Paris, Bermuda
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