G20 validates a 15% global minimum tax for multinationals

G20 leaders unanimously approved a 15 percent global minimum tax on large corporations, official sources said.
“Today, all G20 leaders approved a historic agreement on new international tax rules, including a global minimum tax,” said Janet Yellen, U.S. Treasury Secretary, in a statement.
The goal, Yellen said, is to end a race to the bottom among countries to attract business to their territory.
In October, 136 countries agreed on a minimum tax on multinationals, including Internet giants such as Google, Amazon, Facebook, Microsoft and Apple, to make it harder for them to avoid paying taxes by setting up offices in low-tax jurisdictions.
This new global tax is expected to take effect in 2023.

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