Finance Leaders Reach Global Tax Deal Aimed at Ending Profit Shifting
The New York Times
The Group of 7 nations agreed to back a new minimum global minimum tax rate that companies would have to pay regardless of where they are based.
LONDON — The top economic officials from the world’s advanced economies reached a breakthrough on Saturday in their yearslong efforts to overhaul international tax laws, unveiling a broad agreement that aims to stop large multinational companies from seeking out tax havens and force them to pay more of their income to their governments. Finance leaders from the Group of 7 countries agreed to back a new global minimum tax rate of at least 15 percent that companies would have to pay regardless of where they locate their headquarters. The agreement would also impose an additional tax on some of the largest multinational companies, potentially forcing technology giants like Amazon, Facebook and Google as well as other big global firms to pay taxes to countries based on where goods or services are sold, regardless of whether they have a physical presence in that nation.
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