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G20 leaders endorse global minimum corporate tax deal for 2023 start

EconomyOct 30, 2021 12:32PM ET
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2/2 © Reuters. Italian Prime Minister Mario Draghi poses with France's President Emmanuel Macron as he arrives for the G20 leaders summit in Rome, Italy October 30, 2021. REUTERS/Guglielmo Mangiapane 2/2

ROME (Reuters) -Leaders of the world's 20 biggest economies (G20) will endorse an OECD deal on a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit showed on Saturday, with a view to have the rules in force in 2023.

"We call on 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 global level in 2023," the draft conclusions, seen by Reuters, said.

The conclusions are to be formally adopted on Sunday.

In October, 136 countries reached a deal on a minimum tax on global corporations, including internet giants like Google (NASDAQ:GOOGL) , Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT) or Apple (NASDAQ:AAPL) to make it harder for them to avoid taxation by establishing offices in low-tax jurisdictions.

U.S. Treasury Secretary Janet Yellen said the endorsement of the minimum tax would help U.S. businesses and workers, even though the deal also means that many U.S.-based companies, like the Internet giants, will be paying more tax than now.

"This deal will remake the global economy into a more prosperous place for American business and workers," Yellen said in a statement.

G20 leaders endorse global minimum corporate tax deal for 2023 start
 

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Comments (7)
Cagri Oktem
Cagri Oktem Oct 31, 2021 6:39PM ET
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Erdogan’s hair looks better on the photo.
Steffen vdm
Steffen vdm Oct 31, 2021 7:57AM ET
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They should fire Boris Johnson his hairdresser
morning wood
morning wood Oct 30, 2021 2:18PM ET
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how about setting a global maximum for welfare? some poor chit just keep popping kids and steal from tax vault.
New Jazenevd
New Jazenevd Oct 30, 2021 1:23PM ET
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Fair value for every tax is zero. The latter is impossible, obviously. However, it is the most desirable goal for any decent human being. On the contrary, applauding higher taxes is a clear sign of lowlife attitude/character.
Afnan Khan
Afnan Khan Oct 30, 2021 7:25AM ET
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Counting meetig between marketing alway me & My Katrina kaif.............likewas other harmful matter ignore.............
Mart Bab
Rubberduck1973 Oct 30, 2021 6:47AM ET
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Finally an end to the race to the buttom. I still can’t grasp how we even got here. Greed and nothing but greed drives the world. Finally tax will be paid by companies and not only people working at companies. In my opinion the whole of 2022 should be about investigating loopholes the rich, and companies still use to dodge taxes. This trend is undermining society all over the world. Or we all stop paying tax or we all pay tax. No loopholes
Empire Destroyer
Empire Destroyer Oct 30, 2021 6:47AM ET
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Lol not sure why you got a thumb down... Must be a dodgy rich person who's been avoiding paying tax and commenting how poor people are lazy and don't want to work 🤣
Benjamin McIntire
Benjamin McIntire Oct 30, 2021 6:47AM ET
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Empire Destroyer no, some sucker. Rich folks arent reading these comments lmao
Felipe Daniel
Felipe Daniel Oct 30, 2021 6:47AM ET
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Benjamin McIntire you are a liberal hack too ignorant for your own good
BigPoppa Jcamp
BigPoppa Jcamp Oct 30, 2021 6:47AM ET
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You do understand that companies will just pass the cost down to the consumers, driving prices even higher. Amazing how liberals cannot grasp this reality...but reality is typically not where they dwell.
jason xx
jason xx Oct 30, 2021 6:02AM ET
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why not 2022?
Ernie Keebler
Ernie Keebler Oct 30, 2021 6:02AM ET
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Because you need to give them time to cash in as much as they can and figure out a better way to cheat
 
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