US WINS INTERNATIONAL BACKING FOR GLOBAL MINIMUM TAX

On 1 July, the Wall Street Journal reported that the US has won international backing for a global minim tax-rate as part of a wider overhaul of the rules for taxing international companies.  Among the countries were all of the G20 major economies, including China and India, which previously had reservations about the proposed overhaul.  The governments now will seek to pass laws ensuring that companies headquartered in their countries pay a minimum rate of at least 15%, reducing opportunities for tax avoidance.  However, EU low-tax countries Ireland and Hungary declined to sign up to the agreement reached in the OECD framework.

https://www.wsj.com/articles/u-s-wins-international-backing-for-global-minimum-tax-11625153698

https://www.euractiv.com/section/economy-jobs/news/global-tax-deal-backed-by-130-nations-ireland-and-hungary-stay-out/

https://www.oecd.org/newsroom/130-countries-and-jurisdictions-join-bold-new-framework-for-international-tax-reform.htm

https://www.gov.je/News/2021/Pages/OECDInclusiveFramework.aspx

https://www.gov.gg/oecdmeeting

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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