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G20 leaders endorse global minimum corporate tax deal for 2023 start

The conclusions are to be formally adopted on Sunday

Topics
G20  | tax

Reuters  |  ROME 

global tax, corporation tax, taxation, firms, company

Leaders of the world's 20 biggest economies (G20) will endorse an OECD deal on a global minimum corporate of 15%, draft conclusions of the two-day summit showed on Saturday, with a view to have the rules in force in 2023.

"We call on the OECD/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, said.

The conclusions are to be formally adopted on Sunday.

In October, 136 countries reached a deal on a minimum on global corporations, including internet giants like Google , Amazon, Facebook, Microsoft or Apple to make it harder for them to avoid taxation by establishing offices in low-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 told reporters.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sat, October 30 2021. 15:45 IST
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