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G20 leaders endorse global minimum corporate tax deal for 2023 start By Reuters


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© Reuters. Italian Prime Minister Mario Draghi poses with France’s President Emmanuel Macron as he arrives for the G20 leaders summit in Rome, Italy October 30, 2021. REUTERS/Guglielmo Mangiapane

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ROME (Reuters) – Leaders of the world’s 20 largest economies (G20) will endorse an OECD deal on a world minimal company tax of 15%, draft conclusions of the two-day G20 summit confirmed on Saturday, with a view to have the principles 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 world degree in 2023,” the draft conclusions, seen by Reuters, stated.

The conclusions are to be formally adopted on Sunday.

In October, 136 international locations reached a deal on a minimal tax on world companies, together with web giants like Google (NASDAQ:) , Amazon (NASDAQ:), Fb (NASDAQ:), Microsoft (NASDAQ:) or Apple (NASDAQ:) to make it tougher for them to keep away from taxation by establishing places of work in low-tax jurisdictions.

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

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