Biden corporate tax plan could earn EU and UK billions, study shows

Biden corporate tax plan could earn EU and UK billions, study showsJune 1, 2021

EU forecast to reap extra €50bn per year with UK expected to gain €200m from BP alone

A proposal to be tabled by the US president, Joe Biden, at the upcoming G7 meeting for a 15% global corporate tax rate could reap the EU €50bn (£43bn) a year, and earn the UK nearly €200m extra alone from the British multinational BP, according to research.

Should the tax rate be set higher at 25%, the lowest current rate within the seven largest world economies, the EU would earn nearly €170bn extra a year – more than 50% of current corporate tax revenue and 12% of total health spending in the bloc.

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