Roughly 130 countries have agreed to a policy similar to President Biden's proposal of a 'Global Minimum Tax' of at least 15% that would disincentivize companies from using accounting and legal schemes to shift profits to low tax rate countries to avoid being taxed by their home country. The proposal will be brought to a G20 conference of finance ministers next week in leadup to the full G20 Summit that will take place in October.
As it stands currently the proposal does include tech companies with no physical presence in the country but will not include many resource extraction companies such as those involved in oil or mining, or regulated banks.
nypost.com
Concurrently, Biden has proposed a 21% minimum tax for companies in the United States on Overseas earnings.
As it stands currently the proposal does include tech companies with no physical presence in the country but will not include many resource extraction companies such as those involved in oil or mining, or regulated banks.
130 countries back deal on global minimum tax for companies
The agreement announced by the Organization for Economic Cooperation and Development Thursday also provides for taxing the largest global companies in countries where they earn profits through onli…
nypost.com
Concurrently, Biden has proposed a 21% minimum tax for companies in the United States on Overseas earnings.