Austria imposes a much lower global minimum tax than expected

This part of the reform affects about 100 companies, although in Vienna it is not expected that a local company would fall under it. The minimum tax will be from 7000 to 8000 companies worldwide.

Global tax plans took off after the change in US government. According to experts such as Treasury Secretary Janet Yellen, the United States will be one of the biggest beneficiaries. After all, it is precisely the big Internet giants who lock up their profits in tax havens.

In addition to the classic tax havens, for example in the Caribbean, the losers are also countries such as Ireland, Luxembourg, Cyprus, Malta and the Netherlands, which attract companies with low tax rates. It is estimated that they save themselves $245 billion annually. 29 per cent of this is due to the British Overseas Territories. Representatives of large US Internet companies hope to abolish national digital taxes such as those in Austria or withdraw corresponding plans in the event of a global regulation.

It remains unclear whether all countries will actually participate. In the United States, for example, a majority of votes in Congress or the Senate are uncertain, as parts of Democrats are also skeptical about the plans. China is on the brakes anyway. Great Britain, for example, is already demanding exceptions for its major banks, which do much of their business in Asia.

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