Minimum Corporate Tax Deal To Roll Out Globally From 2023

G20 Draft Conclusions OK 15% Rate To Block Big Cos From Sheltering Profit

The world’s 20 biggest eco-nomies (G20) are set toendorse a landmark deal on a global minimum corporate tax rate of 15% and will aim to implement the rules by 2023, a news agency said, quoting draft conclusions of the two-day summit which began on Saturday. “We call upon the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting to swiftly develop the model rules and multilateral instruments as agreed in the Detailed Implementation Plan, with a view to ensure that the new rules will come into effect at a global level in 2023,” the draft conclusions, seen by Reuters, said. It added the conclusions would be formally adopted on Sunday.

“Today, every G20 head of state endorsed a historic agreement on new international tax rules, including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” US treasury secretary Janet Yellen, who joined US President Joe Biden in Rome, said. “It’s a critical moment for the US and the global economy.”