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G20 to endorse global minimum corporate tax deal for 2023

Source : 112 Ukraine

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
20:35, 30 October 2021

www.g20.utoronto.ca

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.

Related: U.S.approves vaccination of children from 5 years of age with Pfizer-BioNTech vaccine

 

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.

Related: EU parliament sues EU Commission for refuse to cut funding for Poland and Hungary

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