EU adopts minimum global tax of 15% on large companies

Image source, Getty Images
The European Union has adopted a plan for a minimum global tax of 15% on large companies.
Leaders gave their final approval on Thursday after months of political wrangling.
The landmark agreement between nearly 140 countries aims to prevent governments to rush to cut taxes in an effort to attract business.
He was hailed by US Treasury Secretary Janet Yellen as "a landmark agreement that helps level the playing field".
Corporation tax is generally based on a company's profits. But often they may be able to pay less depending on where their offices are registered or how much they invest in their business.
The newly approved was developed under the leadership of the Organization for Economic Co-operation and Development (OECD) and already had the support of Washington and several major EU economies.
But the implementation of the minimum corporate tax in the 27-nation trading bloc has been delayed as member states raised objections or adopted blocking tactics.
What is is corporate tax and who has to pay it?
"Today the European Union has taken a crucial step towards tax fairness and social justice ", said the European Commissioner for the Economy Paolo...

Technology Dec 16, 2022 0 59 Add to Reading List

EU adopts minimum global tax of 15% on large companies

Man working in soft drink production plant

The European Union has adopted a plan for a minimum global tax of 15% on large companies.

Leaders gave their final approval on Thursday after months of political wrangling.

The landmark agreement between nearly 140 countries aims to prevent governments to rush to cut taxes in an effort to attract business.

He was hailed by US Treasury Secretary Janet Yellen as "a landmark agreement that helps level the playing field".

Corporation tax is generally based on a company's profits. But often they may be able to pay less depending on where their offices are registered or how much they invest in their business.

The newly approved was developed under the leadership of the Organization for Economic Co-operation and Development (OECD) and already had the support of Washington and several major EU economies.

But the implementation of the minimum corporate tax in the 27-nation trading bloc has been delayed as member states raised objections or adopted blocking tactics.

What is is corporate tax and who has to pay it?

"Today the European Union has taken a crucial step towards tax fairness and social justice ", said the European Commissioner for the Economy Paolo...