World agrees 15% tax for biggest companies

  • by:
  • Source: The Times
  • 10/11/2021
An international deal to ensure the world’s largest multinationals pay a minimum corporate tax rate of 15 per cent was reached by 136 countries last night.

After years of negotiations, the Organisation for Economic Co-operation and Development announced a breakthrough that it said would overhaul corporate taxation for the digital age.

Large companies such as Google and Facebook will “pay a fair share of taxwherever they operate and generate profits,” according to the OECD, the intergovernmental organisation founded in 1961 and based in Paris.

Talks over an update to the century-old international tax rulebook, designed to stamp out multinational tax avoidance, have been taking place since 2018. The process has accelerated in recent months after a deal reached in London.
 
NASA Earth's Light by NASA Goddard Space Flight Center is licensed under Attribution 2.0 Generic (CC BY 2.0)

Get latest news delivered daily!

We will send you breaking news right to your inbox