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15 June 2021 The on-line newspaper devoted to the world of transports 07:56 GMT+2

June 10, 2021

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Feport warns that it is carefully assessing the scope of application of the minimum corporate tax to multinationals

Fear is a distortion of competition advantage of terminal shipping companies

The application to all multinationals of a minimum rate corporation tax of 15%, the proposal that is was recently launched by US President Joe Biden and which has been discussed in recent days by the Ministers of the G7 finances that have finally reached agreement on this innovative minimum corporate tax system, has given rise to the concern of European private port terminal operators. Fears feport, the association that represents companies in the sector, are under pressure to be exempted from the scope of implementation of the new tax reform agreement that would be implemented by the operating companies, which also operate terminal activities.

At today's General Assembly, Feport in fact explained that the concern is related to the possible too broad definition of the shipping industry that could lead to an exemption for activities terminals carried out by the shipping companies themselves, provoking with this -- highlighted the federation of european terminal operators - a further distortion of competition port services market for the benefit of port companies. navigation, also undermining the very purpose of the new proposals of the Organisation for Cooperation and Development Economic (OECD).

In order to prevent this from happening, Feport has oecd member countries so that, with the aim of ensure fair competition in the port sector, any type of activity of handling goods and passengers both maintained under the second pillar of BEPS (Base Erosion and Profit Shifting), the programme launched by the OECD to address the fiscal challenges posed by digitalisation that with the pillar 1 introduces a new distribution of the rights of taxation and with the second pillar introduces measures to ensure a minimum level of taxation.

"We want to - clarified the President of Feport, Gunther Bonz -- that all the handling activities of the goods and passengers are included. If unfortunately this should not happen -- he remarked -- the only alternative would be exempt all these activities from BEPS 2, as well as shippers and hauliers. This - he emphasized Bonz -- would nullified the purpose of this historic agreement, and that -- he pointed out -- is not what we want to.' Therefore, he added, "in view of the G20 meeting in Venice (to be held from 8 to 11 July we ask theOECD countries to include all kinds of goods handling activities and passengers under the second BEPS pillar to ensure a fair competition.'

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