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    Home » International Community Finalizes 15% Global Minimum Tax Agreement
    Forex News

    International Community Finalizes 15% Global Minimum Tax Agreement

    October 11, 20211 Min Read
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    International Community Finalizes 15% Global Minimum Tax Agreement
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    Major reform of the international tax system was completed today at the OECD to ensure all Multinational Enterprises (MNEs) will be subjected to a minimum 15% tax rate from 2023.

    • The landmark agreement will also reallocate over $125 billion of profits from nearly 100 of the world’s largest and most profitable MNEs to nations globally, ensuring that these firms pay a fair share of tax where they operate and generate earnings.
    • After years of intensive engagements to modernize the international tax system, 136 out of 140 jurisdictions updated and finalized a July political agreement by members to reform international tax rules.
    • The deal is now supported by all OECD and G20 countries after Estonia, Hungary, and Ireland joined the agreement.
    • The two-pillar solution will be presented at the G20 Finance Ministers meeting in Washington D.C. on 1 October.

    The global minimum tax agreement seeks to multilaterally agree on limitations on it and will see countries collect nearly $150 billion in new revenues annually. 

    DXY up +0.15%, EUR USD down -0.10%

    Source: OECD

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