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OECD deal imposes global minimum corporate tax of 15%

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The OECD said that 136 countries and jurisdictions had agreed to join an accord to impose a two-pillar global tax reform plan. YahooFinance

Almost 140 countries have taken a decisive step towards forcing the world’s biggest companies to pay a fair share of tax, with plans for a global minimum corporate tax rate of 15% to be imposed by 2023. said that 136 countries and jurisdictions had agreed to join an accord to impose a two-pillar global tax reform plan.

Under the landmark reforms, a new taxing right will be created enabling countries to levy a slice of the profits generated by a handful of the world’s biggest firms, based on the sales generated within each country’s borders. Developing countries including Nigeria and Kenya had been reluctant to join the accord because of fears it would, while leaving smaller nations without a fair claim on large company profits.

 

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