US wins backing for global minimum corporate tax rate
Al Jazeera
Officials from 130 countries and jurisdictions, including India and China, have agreed on the United States’ broad outline to overhaul the global corporate tax system.
Officials from 130 countries and jurisdictions have thrown their support behind the United States’ proposal to require a minimum global tax for corporations starting at 15 percent, a key step in curbing corporate tax avoidance and a major victory for the administration of US President Joe Biden. The Wall Street Journal was the first to report on the agreement Thursday following a virtual meeting of 130 nations and jurisdictions, including all of the Group of 20 (G20) member states. India and China were among the countries to approve the proposal after initially opposing it. Together, their economies represent 90 percent of the global gross domestic product, according to a press release from the Organisation for Economic Co-operation and Development (OECD), which coordinated the negotiations.More Related News