Foros » Discussions » world leaders reach an agreement Collect a minimum of 15% corporate tax.
world leaders reachSLOT XOan agreement Collect a minimum of 15% corporate tax. Leaders of the G20 or group of 19 large economies and the European Union. Agreed to approve a tax rate of at least 15% with large multinational corporations.
The tariffs were imposed at the G20 leaders' meeting in Rome, Italy, after concerns that many multinationals had manipulated profits to make them pay less in taxes.
Reuters stated that The tax deal came from a proposal from the United States. It will be officially recognized on Sunday October 31, before it goes into effect in the next two years or in 2023.
US Treasury Secretary Janet Yellen said: The historic deal comes at a crucial time for the global economy. and will halt any competition that damages the issue of corporate taxation.
Yellen tweeted that U.S. businesses and workers will benefit from the agreement. Even large companies based in the US have to pay more taxes.
The G20 meeting also discussed issues of global climate change and COVID-19. It is also the first gathering of G20 leaders since the outbreak of COVID-19. Only Chinese President Xi Jinping and Russian President Vladimir Putin attended the video conference.