ROME (Reuters) – Leaders of the world’s 20 largest economies at a G20 summit have decided to support an agreement by the Organization for Economic Cooperation and Development (OECD) for a global minimum corporate tax of 15%, drafts from the summit showed. Two-day G20 this Saturday, aiming to implement the rules in 2023.
“We call on the OECD/G20 Inclusive Framework on Base Erosion and Profit Transfer to rapidly develop the model rules and multilateral instruments agreed in the Detailed Implementation Plan, with the aim of ensuring that the new rules take effect globally in 2023” , said the draft conclusions, seen by Reuters.
The conclusions will be formally adopted on Sunday.
In October, 136 countries reached an agreement for a minimum tax on global corporations, including internet giants like Google, Amazon, Facebook, Microsoft and Apple to make tax evasion difficult through headquarters established in low-tax jurisdictions.
“It’s more than a tax deal, it’s a revamping of the rules of the global economy,” one US official told reporters.
(Reporting by Jan Strupczewski, Crispian Balmer and Andrea Shalal)
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