On Thursday, July 1, 2021, 130 countries agreed to impose a global tax on multinational companies of no less than 15%, and it will come into effect in 2023.
The Secretary-General of organisation for economic co-operation and development (OECD), that sponsored this agreement, described it as an important achievement that will ensure that multinational companies pay their fair share of taxes wherever they are.
This joint declaration is based on an agreement reached within the Group of Seven (G7) at its last meeting in Britain last June. The agreement provides for a fairer distribution of tax revenues between the countries that contain the headquarters of companies and those that host the actual activity, even without a physical presence.
OECD projects that a global minimum tax of at least 15% would generate approximately $150 billion in additional tax revenue globally.
The total signatory countries to the agreement constitute 90% of the world’s GDP, including China. Three countries refused to join the agreement: Ireland, Hungary, and Estonia.
#Paris #Tax #OECD #G7
English 
العربية