Nearly 140 countries reach deal on 15% corporate minimum tax
Al Jazeera
The deal is an attempt to address the ways globalisation and digitalisation have changed the world economy.
Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax.
Under the agreement announced Friday, countries would enact a global minimum corporate tax of 15 percent on the biggest, internationally active companies. United States President Joe Biden has been one of the driving forces behind the agreement as governments around the world seek to boost revenue following the COVID-19 pandemic.
“Today’s agreement represents a once-in-a-generation accomplishment for economic diplomacy,” US Treasury Secretary Janet Yellen said in a statement.
