Washington: The G20 Finance Ministers on July 10 approved a global corporate tax of at least 15 percent to be imposed on multinational companies (MNCs) with an aim to end tax havens.
In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses.
The 15 percent minimum rate comes from endorsement of 132 countries and territories, who want to “end global competition to offer lowest corporate taxes”, news agency ANI quoted NHK World.
Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.