World agrees 15% tax for biggest companies

  • by:
  • Source: The Times
  • 10/11/2021
An international deal to ensure the world’s largest multinationals pay a minimum corporate tax rate of 15 per cent was reached by 136 countries last night.

After years of negotiations, the Organisation for Economic Co-operation and Development announced a breakthrough that it said would overhaul corporate taxation for the digital age.

Large companies such as Google and Facebook will “pay a fair share of taxwherever they operate and generate profits,” according to the OECD, the intergovernmental organisation founded in 1961 and based in Paris.

Talks over an update to the century-old international tax rulebook, designed to stamp out multinational tax avoidance, have been taking place since 2018. The process has accelerated in recent months after a deal reached in London.
 
NASA Earth's Light by NASA Goddard Space Flight Center is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)

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