OECD publishes global minimum corporate tax agreement

The Organisation for Economic Co-operation and Development (OECD) has published the global minimum corporate tax agreement approved by 140 countries.

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OECD publishes global minimum corporate tax agreement

The agreement, published on the OECD's website, aims to ensure that global companies, including internet giants such as Google, Amazon, Microsoft, and Facebook, are subject to a minimum tax rate of 15 percent starting in 2024.

TURKEY HAD ALSO ACCEPTED

On October 8, 2021, the OECD announced that 140 countries, representing more than 90 percent of global gross domestic product (GDP)—including China, Germany, France, the UK, Japan, and Turkey—had accepted the agreement on international tax reform.

According to the Paris-based OECD, the agreement will generate between 17 billion and 32 billion dollars in additional global tax revenue, with low- and middle-income countries expected to benefit the most.

In July 2022, the OECD announced that the new rules for the global minimum corporate tax would come into effect in 2024.

News Source: 12punto