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Friday, January 21, 2022

OECD confirms deal on global minimum corporate tax rate of 15% has been reached

The Organisation for Economic Cooperation and Development (OECD) has confirmed a global deal to ensure large companies pay a minimum corporate tax level of 15% has been agreed.

“Today’s agreement will make our international tax arrangements fairer and work better,” OECD Secretary-General Mathias Cormann said.

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“This is a major victory for effective and balanced multilateralism.”

The OECD confirmed four countries – Nigeria, Kenya, Pakistan and Sri Lanka – had not yet signed up to the agreement.

The agreement aims to end the race to the bottom tax race among countries attempting to entice large multinationals.

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The OECD has said the deal will cover 90% of the global economy.

Ireland yesterday announced that it will join the agreement, which will end the decades long 12.5% corporate tax level used to attract large multinational companies.

IMAGE – Paschal Donohoe

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