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G20 leaders endorse global minimum corporate tax deal for 2023 start -Breaking

by Mike Robinson

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© Reuters. Mario Draghi, the Italian Prime Minister, poses with President Emmanuel Macron of France as he arrives in Rome for the G20 Leaders Summit. REUTERS/Guglielmo Mangiapane

ROME, (Reuters) – Leaders from the G20’s largest 20 economies will support an OECD treaty on a global minimum corporate income tax of 15%. Draft conclusions were presented at Saturday’s G20 summit. The aim is to put the rules into effect in 2023.

The draft conclusion, which was seen by Reuters said that “We appeal to the OECD/G20 Inclusive framework on base erosion and profit shifting to rapidly develop the model rules, multilateral instruments, as agreed in the Detailed Implementation Plan with a view of ensuring that the new rules will enter into force at global level in 2023.”

These conclusions will be formalized on Sunday.

A deal was reached by 136 nations in October on a minimum tax for global corporations. This includes internet giants such as Google, Amazon, Facebook, Microsoft, and Apple. It will make it more difficult to avoid taxes by setting up offices in low tax jurisdictions.

A senior U.S. official stated that this was more than a tax agreement. It’s also a restructuring of global economic rules.

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