Countries support global minimum corporate tax of 15%

Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15%, they said on Thursday after two days of talks.

"A detailed implementation plan together with remaining issues will be finalised by October 2021," read a statement signed by 130 out of 139 countries and jurisdictions involved in the negotiations.

The Paris-based Organisation for Economic Cooperation and Development, which hosted the talks, said a global minimum corporate income tax of at least 15% could yield around $150 billion in additional global tax revenues annually.

It added that new rules on where the biggest multinationals are taxed would see taxing rights on more than $100 billion of profits shifted to countries where the profits are earned.

The agreement will to G20 finance ministers for endorsement at a meeting in Venice next week.

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