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InvestmentsG20 leaders endorse global minimum corporate tax deal for 2023 start By...

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

¬© 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

ROME (Reuters) – Leaders of the world’s 20 greatest economies (G20) will endorse an OECD deal on a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit confirmed on Saturday, with a view to have the principles in drive in 2023.

“We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at global level 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 minimum tax on global companies, together with web giants like Google (NASDAQ:) , Amazon (NASDAQ:), Facebook (NASDAQ:), Microsoft (NASDAQ:) or Apple (NASDAQ:) to make it more durable for them to keep away from taxation by establishing places of work in low-tax jurisdictions.

“This is more than just a tax deal, it’s a reshaping of the rules of the global economy,” a senior U.S. official instructed reporters.

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