imported>Doug Williamson |
imported>Doug Williamson |
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| ''Tax - profit shifting.'' | | ''Blockchain''. |
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| The concept of a global minimum corporate tax rate is to reduce, or eliminate, the benefits to multinational corporations of profit shifting.
| | Ripple payment protocol. |
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| Also known as a ''global minimum tax rate''.
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| :<span style="color:#4B0082">'''''130 countries back global minimum corporate tax of 15%'''''</span>
| | The company that developed the Ripple payment protocol. |
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| :"Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15%...
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| :The Organisation for Economic Cooperation and Development (OECD), which hosted the talks, said a global minimum corporate income tax of at least 15% could yield around $150 billion in additional global tax revenues annually.
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| :It said 130 countries, representing more than 90% of global GDP, had backed the agreement at the talks.
| | The ripple cryptocurrency. |
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| :New rules on where the biggest multinationals are taxed would shift taxing rights on more than $100 billion of profits to countries where the profits are earned, it added.
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| :Technical details are to be agreed by October so that the new rules can be implemented by 2023, a statement from countries that backed the agreement said.
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| :The nine countries that did not sign were the low-tax EU members Ireland, Estonia and Hungary as well as Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria and Kenya.
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| :Holdouts risk becoming isolated because not only did all major economies sign up, but so did many noted tax havens such as Bermuda, the Cayman Islands and the British Virgin Islands."
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| :''Reuters, July 2021.''
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| :<span style="color:#4B0082">'''''Global minimum tax'''''</span>
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| :"Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord... backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that could then form the basis of a worldwide deal...
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| :The global minimum tax rate would apply to overseas profits. Governments could still set whatever local corporate tax rate they want, but if companies pay lower rates in a particular country, their home governments could “top-up” their taxes to the minimum rate, eliminating the advantage of shifting profits.
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| :The OECD said last month that governments broadly agreed on the basic design of the minimum tax but not the rate. Tax experts say that is the thorniest issue, although the G7 accord creates strong momentum around the 15%-plus level."
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| :''The Journal of Accountancy, June 2021.''
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| == See also == | | == See also == |
| | | * [[Altcoin]] |
| * [[Base erosion and profit shifting]]
| | * [[Blockchain]] |
| * [[Corporation Tax]]
| | * [[Cryptocurrency]] |
| * [[European Union]]
| | * [[Ripple payment protocol]] |
| * [[G7]]
| | * [[SWIFT gpi]] |
| * [[Gross domestic product]] (GDP)
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| * [[Holdouts]]
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| * [[Income Tax]]
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| * [[Multinational corporation/company]]
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| * [[Organisation for Economic Co-operation and Development]] (OECD)
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| * [[Profit shifting]] | |
| * [[Tax ]] | |
| * [[Tax avoidance]] | |
| * [[Tax evasion]] | |
| * [[Tax haven]] | |
| * [[Tax rate]]
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| * [[Transfer pricing]]
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| [[Category:Accounting,_tax_and_regulation]]
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| [[Category:The_business_context]]
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