G-20 leaders endorse global minimum corporate tax deal for 2023 start
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On Saturday Oct. 30, 2021, the Group of 20 (G-20), summit logo was displayed at The Rome Convention Center La Nuvola, Rome, Italy.
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The leaders of the 20 largest economies in the world (G-20), will sign an OECD agreement on a minimum global corporate tax rate of 15%. Draft conclusions from the G20 summit on Saturday showed that the drafts were in line with the goal of having the rules in place by 2023.
“We ask the OECD/G20 Inclusive Frame on Base Erosion & Profit Shifting, to quickly develop the model rules e multilateral instruments agreed to in the Detailed Implementation Plan,” the draft conclusions was revealed by Reuters.
These conclusions will be formalized on Sunday.
October saw 136 countries reach a settlement on a global minimum tax, which included internet titans such as Google, for global corporations. Google AmazonFacebook MicrosoftOr AppleIn order to prevent them from evading tax, establish offices in low-tax areas.
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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