Countries agree on global minimum corporate tax

Jul 02, 2021 | News On Japan

Jul 02, 2021 (NHK) - A group of 130 countries and territories reached a broad agreement on a global minimum corporate tax rate of at least 15 percent.

The group includes Japan and other members of the Organization for Economic Co-operation and Development. They began online talks on global tax rules on Thursday, Japan time.

The participants reached a consensus on new rules for taxing cross-border business, including digital service. The rules will apply to companies with global turnover above 23.7 billion dollars and profitability above 10%. The right to tax will be re-allocated to countries and regions, where companies conduct business regardless of physical presence. The measure is expected to affect about 100 global companies.

Countries with low corporate tax rates such as Ireland and Hungary participated in the negotiations, but put off joining the agreement.

Corporate tax rates around the world now vary. Japan's is currently 29.7%, whereas it is 21% in the United States and 19% in the United Kingdom. The US and UK are planning to increase their respective rates.

OECD Secretary-General Mathias Cormann said, "This historic package will ensure that large multinational companies pay their fair share of tax everywhere." He added, "This package does not eliminate tax competition, as it should not, but it does set multilaterally agreed limitations on it."

Negotiations will continue with the aim of reaching a final deal by October, with the new rules to take in effect in 2023.

Source: ANNnewsCH

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