Organisation for Economic Co-operation and Development headquarters in Paris, France, on June 7, 2017. Ireland has agreed to join an international agreement establishing a minimum corporate tax of 15% around the world, ditching the low-tax policy that has led companies like Google and Facebook to base their European operations in the country.
The announcement came before a meeting Friday where representatives of 140 countries are expected to approve the agreement designed to ensure that multi-national corporations can't reduce their tax bills by shifting operations to low-tax jurisdictions. U.S. 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.
The agreement has two prongs, first reallocating corporate profits proportionally based on where products and services are consumed, then imposing a minimum 15% effective tax rate on companies with global revenue of at least 750 million euros .
Source: News Formal (newsformal.com)
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