leaders group of 20 unanimously agreed to a tax Global minimum for large corporations, as the US Treasury Janet Yellen Described as beneficial to employers and workers,
Months ago, G20 finance ministers agreed a 15% minimum tax to discourage companies from using accounting resources to evade taxes in tax havens, and their approval was secured at the Rome summit of major economies in the Gulf Cooperation Council. Globalism.
Yellen predicted in a statement that an agreement on global tax rules, with a global minimum tax, would “put an end to harmful competition until the end of corporate taxation.”
After official approval, which will be reflected in the final announcement on Sunday, each state will apply the minimum tax on its own. The idea is that a company’s host country will raise its taxes to 15% if its profits benefit from lower rates in another country.
In today’s digital and global economy, benefits can come from intangible assets like copyright and trademarks, which can easily be transferred to countries that apply near-zero taxes to attract income they wouldn’t otherwise have.
The critical issue is whether the US Congress will pass a law that meets the criteria, since the country is home to 28% of the world’s 2,000 largest multinational corporations.
