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Global Tax Deal Backed By 130 Nations, Implementation Planned For October Global Tax Deal Backed By 130 Nations, Implementation Planned For October The Organization for Economic Co-operation and Development said in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent once the deal is implemented.
China too has endorsed the agreement (Representational)
Paris:
A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.
The Organization for Economic Co-operation and Development said in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent once the deal is implemented.
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Global Minimum Tax Proposal Led By US In G7 Meet Gets Backing From 130 Nations
As part of a global effort, 130 countries have agreed on a global minimum tax for companies, which is backed by US President Joe Biden; said OECD.
Picture Credit: AP
A global minimum tax, backed by US President Joe Biden, has been agreed upon by 130 countries as part of a global attempt to prevent multinational corporations from avoiding taxes by moving earnings to countries with low rates. The deal unveiled on Thursday, July 1, is an attempt to solve the issues posed by a globalised and increasingly digital world economy in which profits may be moved across borders and corporations can make online profits in locations where they do not have taxable headquarters.
Friday, 02 Jul 2021 05:31 AM MYT
The Group of Seven advanced economies agreed in June on a minimum tax rate of at least 15 per cent. Reuters pic
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NEW YORK, July 2 Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15 per cent, they said on Thursday after two days of talks.
The Paris-based Organisation for Economic Cooperation and Development, which hosted the talks, said a global minimum corporate income tax of at least 15 per cent could yield around US$150 billion (RM623.8 billion) in additional global tax revenues annually.
Global tax deal backed by 130 nations
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published : 2 Jul 2021 at 08:45 US digital giants are the main targets of the new tax.
PARIS: A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.
The Organization for Economic Co-operation and Development said in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15% once the deal is implemented.
The new tax regime will add some $150 billion to government coffers globally once it comes into force, which the OECD said it hoped would be in 2023.