OECD says deal reached on global minimum corporate tax rate

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U.S. Secretary of State Antony Blinken speaks throughout a press briefing with Mathias Cormann, Secretary-Basic of the Group for Financial Cooperation and Improvement, on the OECD’s Ministerial Council Assembly, in Paris, France October 6, 2021. Patrick Semansky/Pool through REUTERS

PARIS, Oct 8 (Reuters) – A world deal to make sure large corporations pay and make it more durable for them to keep away from taxation has been agreed by 136 nations, the Organisation for Financial Cooperation and Improvement mentioned on Friday.

The OECD mentioned 4 nations – Kenya, Nigeria, Pakistan and Sri Lanka – had not joined the settlement.

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“As we speak’s settlement will make our worldwide tax preparations fairer and work higher,” OECD Secretary-Basic Mathias Cormann mentioned in a press release. “This can be a main victory for efficient and balanced multilateralism.”

The OECD mentioned that the minimal charge would see nations accumulate round $150 billion in new revenues yearly whereas taxing rights on greater than $125 billion of revenue can be shifted to nations the place large multinationals earn their revenue.

Reporting by Leigh Thomas, Modifying by Christian Lowe


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