130 countries agree to global tax reform

130 countries agree to global tax reform

The world’s leading economies have struck a deal to revamp multinational corporate taxation that aims to dampen international tax rate competition. 130 nations and territories, including Luxembourg, have signed up to an OECD plan that requires multinational firms to pay a minimum tax rate of 15% worldwide, the OECD said on 1 July. The OECD, an international economic policy forum, estimated that this would raise $150bn in fresh tax revenue annually. The agreement would also “re-allocate some taxing rights” from companies’ home countries to the markets where they do business,…

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