Leaders of the world's 20 biggest economies (G20) will endorse a deal on a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit showed, with a view to have the rules in force in 2023. This is reported by Reuters.
"We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023," the draft conclusions said.
In October, 136 countries reached a deal on a minimum tax on global corporations, including internet giants like Google, Amazon, Facebook, Microsoft or Apple to make it harder for them to avoid taxation by establishing offices in low-tax jurisdictions.
U.S. Treasury Secretary Janet Yellen said the endorsement of the minimum tax would help U.S. businesses and workers, even though the deal also means that many U.S.-based companies, like the Internet giants, will be paying more tax than now.
"This deal will remake the global economy into a more prosperous place for American business and workers," Yellen said in a statement.