The G20 Summit Approved a Minimum Corporate Tax of 15%

Politics | October 31, 2021, Sunday // 09:20
Bulgaria: The G20 Summit Approved a Minimum Corporate Tax of 15% bbc.com

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.

/BTA

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Politics » Be a reporter: Write and send your article
Tags: corporate tax, G20, leaders, rate
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria