A group of 136 countries have agreed to a treaty that would tax large multinational companies at a minimum rate of 15%
Estonia, Hungary and -- most notably -- Ireland joined the agreement Thursday. It is now supported by all nations in the Organization for Economic Cooperation and Development and the G20. The countries that signed on to the international treaty represent more than 90% of global GDP. Four countries that participated in the talks -- Kenya, Nigeria, Pakistan and Sri Lanka -- have not yet joined the agreement.
"I am confident that Ireland will remain competitive into the future, and we will remain an attractive location and 'best in class' when multinationals look to investment locations," Donohoe said.Alongside a minimum corporate tax rate, the pact includes provisions to ensure that multinational companies pay tax where they generate sales and profits, and not just where they have a physical presence.
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