After years of negotiations, OECD says it has a deal on global minimum corporate tax rate that will discourage big firms from moving their profits to offshore havens
Secretary General of the Organization for Economic Cooperation and Development Mathias Cormann delivers an inaugural speech at the Organization for Economic Cooperation and Development’s Ministerial Council Meeting in Paris on October 5, 2021.
The agreement aims to end a four-decade-long "race to the bottom" by governments that have sought to attract investment and jobs by taxing multinational companies only lightly and allowing them to shop around for low tax rates. 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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
136 countries agree to minimum corporate tax rate after Ireland drops its oppositionA group of 136 countries have agreed to a global treaty that would tax large multinationals at a minimum rate of 15% and require companies to pay taxes in the countries where they do business.
Read more »
Global tax deal inches closer as holdout Ireland agrees to sign upIreland has decided to sign up to a global deal that will push its corporate tax rate to 15%, marking a huge shift in its policy.
Read more »
World leaders reach landmark deal on a global corporate tax rateThe Organisation for Economic Cooperation and Development on Friday announced a major breakthrough over corporate tax rates, after years of disagreement.
Read more »
Reactions to landmark global corporate tax dealReactions were swift to a 136-country agreement announced by the Organisation for Economic Cooperation and Development on Friday setting a minimum global tax rate for big companies of 15% and making it harder for them to avoid taxation.
Read more »
136 countries agree to minimum corporate tax rate after Ireland drops its oppositionA group of 136 countries have agreed to a global treaty that would tax large multinationals at a minimum rate of 15% and require companies to pay taxes in the countries where they do business.
Read more »