| 19 May 2024, Sunday |

Countries support global minimum corporate tax of 15 percent

 Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have supported plans for new rules on a tax rate of at least 15  percent, they said on Thursday after two days of talks.

“A detailed implementation plan together with remaining issues will be finalized by October 2021,” read a statement signed by 130 out of 139 countries and jurisdictions involved in the negotiations.

The Paris-based Organization for Economic Cooperation and Development, which hosted the talks, said a global minimum corporate income tax of at least 15% could yield around $150 billion in additional global tax revenues annually.

It added that new rules on where the biggest multinationals are taxed would see taxing rights on more than $100 billion of profits shifted to countries where the profits are earned.

The agreement will be referred to G20 finance ministers for endorsement at a meeting in Venice next week.

  • Reuters