{"id":50186,"date":"2021-07-02T09:39:12","date_gmt":"2021-07-02T08:39:12","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=50186"},"modified":"2021-07-02T09:39:12","modified_gmt":"2021-07-02T08:39:12","slug":"130-countries-back-global-tax-overhaul","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/130-countries-back-global-tax-overhaul\/","title":{"rendered":"130 Countries Back Global Tax Overhaul"},"content":{"rendered":"

Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies \u201cpay a fair share\u201d wherever they operate.<\/p>\n

The Organisation for Economic Co-operation and Development (OECD) said on Thursday that negotiators had backed a proposed minimum corporate tax rate of at least 15%.<\/p>\n

US Treasury Secretary Janet Yellen said: \u201cToday is an historic day for economic diplomacy.\u201d<\/p>\n

\"\"
3d people – man, people push up word “tax”<\/figcaption><\/figure>\n

Tax on big tech firms has been a source of friction between the US and others.<\/p>\n

According to BBC Report, the Organisation for Economic Co-operation and Development (OECD), which led the talks, said that the plans could generate about $150bn (\u00a3109bn) in tax revenues a year.<\/p>\n

But the Paris-based organisation confirmed that Ireland and Hungary \u2013 countries with low corporate taxes \u2013 had not joined the deal on the global minimum.<\/p>\n

All G20 countries, such as the US, UK China and France, did back the agreement.<\/p>\n

Participating governments are now expected to try to pass relevant laws to bring in the minimum, although details such as possible exemptions for certain industries are still up for negotiation.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cA detailed implementation plan together with remaining issues will be finalised by October 2021,\u201d said a statement signed by 130 out of 139 countries and jurisdictions involved in the talks.<\/p>\n

Countries have also signed up to new rules on where the biggest multinational companies are taxed. They would see taxing rights on more than $100bn of profits shift to countries where profits are generated, rather than where a business might have its headquarters.<\/p>\n

The US Treasury Secretary, Janet Yellen, said the agreement sent a sign that a \u201crace to the bottom\u201d on tax rates was coming to an end.<\/p>\n

\u201cFor decades, the US has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response.<\/p>\n

\u201cThe result was a global race to the bottom: Who could lower their corporate rate further and faster?\u201d<\/p>\n

She said that \u201cno nation\u201d had won the race.<\/p>\n

The Biden administration has been pushing for a deal internationally while it seeks to raise taxes domestically. It has, for example, called for an increase in the US corporate tax rate from 21% to 28%.-BBC<\/p>\n","protected":false},"excerpt":{"rendered":"

Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies \u201cpay a fair share\u201d wherever they operate.<\/p>\n","protected":false},"author":6,"featured_media":33171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[],"coauthors":[2391],"class_list":["post-50186","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news"],"yoast_head":"\n130 Countries Back Global Tax Overhaul - National Wire<\/title>\n<meta name=\"description\" content=\"Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies \u201cpay a fair share\u201d wherever they operate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/130-countries-back-global-tax-overhaul\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"130 Countries Back Global Tax Overhaul - 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