LONDON (AP) — Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big multinational companies are taxed and deter them from stashing profits
The push to establish a global minimum tax – backed by President Biden – has support from 130 countries and territories, according to the Organization for Cooperation and Economic Development.
More than 130 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore tax havens where they pay little or no tax.
President Biden and leaders of the G-7 group of nations will endorse a global minimum corporate tax rate of at least 15% on Friday, a policy that could ultimately drive business investment away from the U.S.
The Organization for Economic Cooperation Development (OECD) announced Friday that 136 countries have agreed to a deal on a global minimum corporate tax of 15 percent.
On Friday, 140 countries signed a tentative agreement to establish a 15% minimum corporate tax on the largest multinational corporations. The deal, a “once-in-a-generation accomplishment,” will deter corporations from stashing profits in offshore tax havens.
U.S. President Joe Biden has been one of the driving forces behind the agreement, which would enact a global tax of at least 15 percent on the biggest companies.
