The introduction this year of a global minimum corporate tax will reshape the flow of multinationals' foreign investments as the benefits from booking profits in tax havens disappear, an updated OECD impact study showed on Tuesday. First agreed in a landmark 2021 deal between 140 countries, the global minimum tax rate goes live this year with 36 countries already introducing laws setting a 15% floor on corporate taxation and more to follow. In a bid to limit tax competition between countries, the deal allows governments to apply a top-up tax to the 15% level on any profits booked in a country with a lower rate.
The global minimum tax regime to be implemented in Hong Kong in 2025 means the city can no longer offer tax incentives to big companies, but the entrepot will attract talent and businesses because of a low salary tax rate which will maintain strong capital markets.
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