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G-20 leaders endorse global minimum corporate tax deal for 2023 start

The Group of 20 (G-20) summit emblem on The Rome Conference Heart La Nuvola in Rome, Italy, on Saturday, Oct. 30, 2021.

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Leaders of the world’s 20 largest economies (G-20) will endorse an OECD deal on a worldwide minimal company tax of 15%, draft conclusions of the two-day G20 summit confirmed on Saturday, with a view to have the foundations in power in 2023.

“We name on the OECD/G20 Inclusive Framework on Base Erosion and Revenue Shifting to swiftly develop the mannequin guidelines and multilateral devices as agreed within the Detailed Implementation Plan, with a view to make sure that the brand new guidelines will come into impact at international degree in 2023,” the draft conclusions, seen by Reuters, mentioned.

The conclusions are to be formally adopted on Sunday.

In October, 136 international locations reached a deal on a minimal tax on international firms, together with web giants like Google, Amazon, Fb, Microsoft or Apple to make it tougher for them to keep away from taxation by establishing workplaces in low-tax jurisdictions.

“That is greater than only a tax deal, it is a reshaping of the foundations of the worldwide economic system,” a senior U.S. official advised reporters.

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