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The U.S. says leaders have endorsed international tax reform

The U.S. says leaders have endorsed international tax reform

The G20 leaders and governments gave their approval on Saturday Historic agreement for international tax reform, Aims to put an end to tax havens by establishing a minimum global tax of 15% on the profits of multinational corporations. “Today, the leaders of all the G20 countries have approved the historic agreement on new international tax rules, which will include the global minimum tax, which will be the lowest in corporate taxation,” US Treasury Secretary Janet Yellen said in a statement.

The agreement was concluded by 136 countries under the OECD in early October, more than 90% of them. STARTGlobal. The reform should allow these countries to generate an additional $ 150 billion a year in revenue thanks to this minimum tax. Part of the agreement is to redistribute a portion of the profit tax paid by multinational corporations to the countries in which they do business. So the tax will not be levied only on the location of their headquarters.

In terms of vision, companies with a global turnover of over 20 20 billion and a profit of over 10%. After seven years this limit will be reduced to 10 billion.

Minimum effective tax rate on profits of multinational corporations 15%

Purpose of the reform: to prevent multinational corporations and in particular Wrong (Summary of the giants of Google, Amazon, Facebook and Apple), which has greatly benefited from the epidemic.
Govit-19 And imprisonment, to pay ridiculous taxes in connection with their income. The other part of the reform is the introduction of a minimum effective tax rate of 15% on the profits of multinational corporations. A state can tax the foreign profits of one of its national entities abroad at a rate lower than this minimum rate, making up the difference.

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Extremists mobilize for agreement in Ireland, Hungary and Estonia in early OctoberOECD Rome must conclude negotiations in a timely manner for the summit. Their membership is very important because France wants to take advantage of the rotating leadership of the European Council from January 2022, when the minimum tax was adopted by the European Commission, which requires a consensus.