[ad_1]
© Reuters. File photo: May 10, 2021, the headquarter of the Internal Revenue Service (IRS) in Washington, DC, USA, has the word “taxation” inscribed. REUTERS/Andrew Kelly
Paris (Reuters)-After two days of negotiations, most countries that are negotiating global cross-border tax reforms for multinational corporations support plans for new rules regarding the location of corporate taxation and a tax rate of at least 15%. .
130 of the 139 countries and jurisdictions involved in the negotiations signed a statement: “The detailed implementation plan and remaining issues will be finalized by October 2021.”
According to the Paris-based Organization for Economic Cooperation and Development, the world’s lowest corporate income tax is at least 15%, which can generate approximately US$150 billion in additional global taxes each year.
It added that the new regulations on the taxation location of the largest multinational corporations would transfer the taxation rights of profits exceeding US$100 billion to the profit-making countries.
The agreement will be submitted to the G20 finance ministers for approval at a meeting in Venice next week.
Converged Media Fusion Media or anyone related to Fusion Media shall not be liable for any loss or damage caused by reliance on the data, quotations, charts, and buy/sell signals contained in this website. Please fully understand the risks and costs associated with financial market transactions. This is one of the most risky forms of investment.
[ad_2]
Source link
