OECD says deal reached on global minimum corporate tax rate
The Hindu
The OECD said four countries — Kenya, Nigeria, Pakistan and Sri Lanka — had not joined the agreement.
A global deal to ensure big companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation has been agreed after Ireland, Estonia and Hungary agreed to sign up to the elusive landmark accord.
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.
Negotiations have been going on for four years, moving online during the pandemic, with support for a deal from U.S. President Joe Biden and the costs of COVID-19 giving additionalimpetus in recent months.
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