The G20 Summit Approved a Minimum Corporate Tax of 15%
The leaders of the world's largest economies today supported the imposition of a minimum tax rate on corporations, the Associated Press reported.
The agreement reached at the G20 summit in Rome aims to establish international tax rules so that multinational companies cannot avoid taxation by registering in offshore territories.
The finance ministers of the group of 20 most developed countries agreed in July on a minimum corporate tax of 15 percent. His official approval at today's meeting was expected.
The deal is for a lower minimum rate than what US President Joe Biden originally called for, namely 21 percent. Still, Biden expressed his satisfaction. "Here in the G20, leaders representing 80 percent of world GDP, both allies and competitors, have announced clear support for a minimum global tax rate," he wrote on Twitter. "This is more than just a tax deal - it is diplomacy to reshape the world economy and fulfill our promises to our peoples," he added.
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