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Home Economy

Global minimum tax deal

October 12, 2021
in Economy
Reading Time: 2 mins read
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Global minimum tax deal
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In news- Around 136 countries have agreed a global deal to ensure big companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation.

About the deal-

  • The Organisation for Economic Cooperation and Development (OECD) has negotiated the deal.
  • Though Kenya, Nigeria, Pakistan and Sri Lanka – 4 countries have not yet joined the agreement, the countries behind the accord together accounted for over 90% of the global economy.
  • The minimum tax and other provisions aim to put an end to decades of tax competition between governments to attract foreign investment.
  • The global minimum tax rate would apply to overseas profits of multinational firms with 750 million euros ($868 million) in sales globally.
  • Governments could still set whatever local corporate tax rate they want, but if companies pay lower rates in a particular country, their home governments could “top up” their taxes to the 15% minimum, eliminating the advantage of shifting profits.
  • Now the finance ministers from the G20 have to formally endorse the deal.
  • The agreement calls for countries to bring it into law in 2022 so that it can take effect by 2023.
  • Countries that have in recent years created national digital services taxes will have to repeal them.

Economic impact-

  • The OECD has estimated the minimum tax will generate $150 billion in additional global tax revenues annually.
  • The deal would encourage multinationals to repatriate capital to their country of headquarters, giving a boost to those economies.
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Source: Indian Express
Tags: NewspaperPrelims

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