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Following concerns that multinational companies are re-routing their profits through low tax jurisdictions, leaders of the world’s 20 biggest economies (G20) have approved an Organisation for Economic Cooperation and Development (OECD) deal on a global minimum corporate tax of 15 per cent. The target is to have the rules enforced in 2023.
The pact was agreed to by all the leaders attending the G20 summit in Rome.
In October, 136 countries reached a deal on a minimum tax on global corporations, including Google, Amazon, Facebook, Microsoft or Apple, to make it harder for them to avoid taxation by establishing offices in low-tax jurisdictions.
Following concerns that multinational companies are re-routing their profits through low tax jurisdictions, leaders of the world’s 20 biggest economies (G20) have approved an Organisation for Economic Cooperation and Development (OECD) deal on a global minimum corporate tax of 15 per cent. The target is to have the rules enforced in 2023.
US treasury secretary Janet Yellen said the endorsement of the minimum tax would help US businesses and workers, even though the deal also means that many US-based companies will be paying more tax than now. “This deal will remake the global economy into a more prosperous place for American business and workers,” Yellen was quoted as saying in a statement by a global newswire.
Fibre2Fashion News Desk (DS)
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