OECD says 130 countries agree to global taxation deal

By AFP 1 July 2021, 7:23 pm

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Some 130 countries and jurisdictions have signed up to a global tax reform ensuring that multinationals pay their fair share wherever they operate, the Organization for Economic Co-operation and Development (OECD) says.

The OECD says in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent.

The formal agreement follows an endorsement by the G7 group — consisting of several of the world’s wealthy nations — last month at a meeting in Britain, when US Treasury Secretary Janet Yellen said a global minimum tax “would end the race to the bottom in corporate taxation.”

Germany hails the deal as a “colossal step towards tax justice.”