Biden’s 15% global minimum tax supported by 130 countries, territories

Biden and G-7 summit world leaders reach agreement on global minimum tax. FOX Business’ Connell McShane with the latest.

The push to establish a global minimum tax – backed by President Biden – has support from 130 countries and territories, according to the Organization for Cooperation and Economic Development.

These countries and jurisdictions represent more than 90% of global GDP.

The “two-pillar” tax proposal includes a 15% global minimum tax and reallocates taxing rights on large multinational companies to the markets where they do business and earn profits regardless of whether they have a physical presence there.

“This package does not eliminate tax competition, as it should not, but it does set multilaterally agreed limitations on it,” OECD Secretary-General Mathias Cormann said in a statement.

The goal is to finalize the plan by October and implement it in 2023.

The OECD said the measures will help raise revenue for countries seeking to…

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