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G-20 Tax Deal: Leaders approved the corporate tax at least 15 percent in G-20

By Team YourCoimbatore on 2nd November 2021
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The leaders of the G-20 countries agreed to a historic corporate tax reform agreement. The corporate tax under this agreement will be at least 15 percent. The rules regarding corporate tax agreed at this summit will come into effect from 2023.

“We call on the OECD / G20 framework for fundamental tax and profit conversion to expedite the development of agreed-upon model rules and multilateral systems in the Comprehensive Implementation Plan,” Reuters news agency sources who saw the draft said.

US President Joe Biden has welcomed the tax deal. “At this G-20 summit, leaders – allies and rivals – who represent 80 percent of the world’s GDP – made clear their support for a strong global minimum tax, which is more than just a tax deal. It is about reshaping the world economy and giving it to the people in an improved form” he said.
US Treasury Secretary Janet Yellen welcomed the agreement. “Today, the leaders of the G-20 countries have ratified the historic agreement on new international tax rules, including the imposition of a global minimum tax on corporate taxation. This is an important moment for the United States and the world economy. I applaud this achievement.” He said in a Twitter message.

Author: Logeshwaran J | Date: 01/11/2021

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