ISTANBUL – The finance ministers of G7 countries yesterday agreed on a global minimum corporate tax of 15% for multinational corporations in each country where they operate.
“Following years of discussions, the finance ministers agreed to reforms that will see multinationals paying their fair share of tax in the countries where they do business,” reported the Anadolu news agency, quoting a press release issued on the United Kingdom government’s official website.
The decision between Canada, France, Germany, Italy, Japan, the UK and the United States follows a ministerial meeting in London, where officials from these nations agreed on principles for a two-pillar solution to tackle tax challenges stemming from an increasingly globalised and digitalised economy.
“Under Pillar 1 of this historic agreement, the largest and most profitable multinationals will be required to pay tax in the countries where they operate – and not just where they have their headquarters.
“Under Pillar 2, the G7 also agreed to the principle of at least 15% global corporate tax, operated on a country-by-country basis.” – Bernama, June 6, 2021
