130 Countries Back Deal on Global Minimum Tax for Large Companies
July 07, 2021
In this June 7, 2017 file photo, the Organization for Economic Co-operation and Development (OECD) headquarters is pictured in Paris, France. (AP Photo/Francois Mori, File)
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Some 130 countries have agreed on a worldwide
minimum tax, an idea backed by President Joe Biden. The minimum tax is part of an international effort to keep multinational companies from avoiding taxes by moving their profits to countries with low rates.
The agreement was announced last Thursday. It is an attempt to meet the difficulties of the interconnected and increasingly online world economy.
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