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The global minimum corporate tax rate, or simply the global minimum tax (abbreviated GMCT or GMCTR), is a minimum rate of tax on corporate income internationally agreed upon and accepted by individual jurisdictions in the OECD/G20 Inclusive Framework. Each country would be eligible for a share of revenue generated by the tax.
Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that ...
A global deal to ensure big companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation has been agreed by 136 countries, the Organisation for Economic Cooperation and ...
Some 130 countries have agreed on a global minimum tax backed by President Joe Biden as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to ...
One of the biggest abstentions from implementation is the United States, which is opposed to some aspects of the global minimum tax and favors its proposal of the Global Intangible Low-Taxed Income (GILTI) tax. GILTI involves a minimum tax rate of around 10%, and is targeted more at intangible assets such as patents and intellectual property. [222]
While the 139 countries negotiating a global minimum tax overwhelmingly signaled support for a 15% deal, there were nine holdouts.
The global minimum tax on billionaires is a proposal by EU TAX put forward by UC Berkeley economist Gabriel Zucman to the G20. It is supported by the Brazilian and French presidents, Lula and Emmanuel Macron, and by ministers from South Africa, Spain, France and Germany. [ 1 ]
All G-20 countries have backed the global minimum corporate tax. Yahoo Finance's Jessica Smith shares the details. All G-20 countries back global minimum corporate tax [Video]