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Experts: New global tax plan should alert MNCs-Eastday

From:ChinaDaily   |  2021-07-06 09:27 China s large multinational companies need to prepare for new corporate tax rules proposed by the world s leading economies, experts said. On Thursday, 130 countries and jurisdictions, including China, which represent about 90 percent of the global economy, agreed to a global tax reform plan that proposed, among other things, a global minimum corporate tax rate of at least 15 percent. The new global corporate tax initiative was piloted by the Organization for Economic Cooperation and Development and the G20, with an aim to deal with tax challenges like evasion and avoidance arising from the digitalized global economy. Final agreement on the plan is expected in October and the new tax regime may take effect in 2023, subject to each country or jurisdiction in enacting relevant laws.

Experts: New global tax plan should alert MNCs

Experts: New global tax plan should alert MNCs By CHEN JIA | China Daily | Updated: 2021-07-06 09:27 A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service] China s large multinational companies need to prepare for new corporate tax rules proposed by the world s leading economies, experts said. On Thursday, 130 countries and jurisdictions, including China, which represent about 90 percent of the global economy, agreed to a global tax reform plan that proposed, among other things, a global minimum corporate tax rate of at least 15 percent. The new global corporate tax initiative was piloted by the Organization for Economic Cooperation and Development and the G20, with an aim to deal with tax challenges like evasion and avoidance arising from the digitalized global economy.

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