- July 2, 2021
- Posted by: Stratford Team
- Category: Business
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…
