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Global minimum corporate tax rate has been reached: OECD By Reuters

by Mike Robinson

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© Reuters. U.S. Secretary Of State Antony Blinken talks during a briefing with Mathias Cormann (Secretary-General of Organization for Economic Cooperation and Development) at the OECD Ministerial Council Meeting in Paris, France, October 6, 2021. Patri

By Leigh Thomas

PARIS, (Reuters) – A deal has been reached to guarantee big businesses pay a minimum 15% tax rate and make it easier for them not to be taxed. This was announced by the Organisation for Economic Cooperation and Development on Friday.

According to the OECD, four countries – Nigerian, Pakistan, and Sri Lanka – have not yet joined the accord.

Mathias Cormann from the OECD stated in a statement that “Today’s agreement will make [our international tax arrangements] fairer and more efficient.” “This is an important victory for multilateralism, which can be effective and balanced.”

According to the OECD’s minimum tax, countries will be able to collect $150 billion per year in new revenue. Taxes on profits exceeding $125 billion would then go to big multinationals.

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