World leaders reach landmark deal on global corporate tax rate
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Source: NBC News
By Silvia Amaro, CNBC
The Organization for Economic Cooperation and Development on Friday announced a major breakthrough on corporate tax rates, after years of disagreement.
The group of developed nations agreed to a global minimum corporate tax rate of 15 percent. This marks a huge shift for smaller economies, such as the Republic of Ireland, which have attracted international firms — to a large extent — via a lower tax rate.
“The landmark deal, agreed by 136 countries and jurisdictions representing more than 90 percent of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits,” the OECD said in a statement on Friday.
In a statement released Friday afternoon, President Joe Biden said the new rule would "finally even the playing field."
Read more: https://www.nbcnews.com/business/economy/world-leaders-reach-landmark-deal-global-corporate-tax-rate-n1281127
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