Ireland, Estonia and Hungary sign up to a global corporate deal that makes it harder for big multinationals to evade taxation
US Secretary of State Antony Blinken listens as Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development, speaks during a press briefing at the OECD's Ministerial Council Meeting, in Paris, France on October 6, 2021.
Negotiations have been going on for four years, moving online during the pandemic, with support for a deal from US President Joe Biden and the costs of Covid-19 giving additional impetus in recent months. Some 140 countries are now involved. Ireland and Estonia dropped their objections earlier on Thursday while Hungary said on Friday that it would sign up.
But some developing countries seeking a higher minimum tax rate say their interests have been sidelined to accommodate the interests of richer countries like Ireland, which had refused to sign a deal with a minimum tax rate higher than 15 percent. While Argentina reluctantly signed up to a previous version of the deal, Kenya and Nigeria have both held out while India, which had also backed the previous version, has since flagged concerns.
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