OECD deal: G-20 leaders ratify global minimum corporate tax of 15% for 2023

“We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level in 2023,” the draft conclusions, seen by Reuters, said.

The conclusions are to be formally adopted on Sunday.

In October, 136 countries reached a deal on a minimum tax on global corporations, including internet giants like Google, Amazon, Facebook, Microsoft or Apple to make it harder for them to avoid taxation by establishing offices in low-tax jurisdictions.

“This is more than just a tax deal, it’s a reshaping of the rules of the global economy,” a senior US official told reporters.

SOURCE: REUTERS