With the exception of Canada, countries with digital services taxes have agreed to hold off applying them for at least another year as a global multinationals tax deal to replace them was pushed back, the OECD said on Wednesday.
More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals that are widely considered to be outdated as digital giants like Apple or Amazon can book profits in low-tax countries.aims to reallocate taxing rights on about $200 billion in profits from the biggest and most profitable multinationals to the countries where their sales occur.
The second pillar calls on governments to put an end to tax competition between governments to attract investment by setting a global minimum corporate tax rate of 15% from next year. The plan is therefore now to nail down the details so governments can sign off before the end of the year with the aim now for the treaty to enter force in 2025, instead of in 2024 as previously planned.
Out of the 143 countries that are party to the deal, only five countries - Belarus, Canada, Pakistan, Russia and Sri Lanka - were not in a position at the meeting to offer their support, OECD head of tax Manal Corwin said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See map of which countries are NATO members — and learn how countries can joinNATO currently has 31 members. The newest edition, Finland, was approved earlier this year. Sweden's bid to join is being discussed at the NATO summit in Lithuania.
Read more »
State Sen. Roland Gutierrez announces 2024 challenge to Sen. Ted CruzBREAKING: Texas state Sen. Roland Gutierrez has announced a 2024 challenge to Sen. Ted Cruz, making him the second prominent Democrat to jump into the race.
Read more »
Texas Sen. Roland Gutierrez enters Democratic primary targeting U.S. Sen. Ted Cruz in 2024Known for pushing gun restrictions after the Uvalde school shooting in his district, Gutierrez will vie for the opportunity to take on Republican Cruz in the general election. U.S. Rep. Colin Allred, D-Dallas, is already running in the primary.
Read more »
Fiat boss hints new, electric Panda is on the way in 2024CAR magazine UK reveals details of a future Fiat Panda - here's what we know so far
Read more »
Texas Sen. Roland Gutierrez enters Democratic primary targeting U.S. Sen. Ted Cruz in 2024Known for pushing gun restrictions after the Uvalde school shooting in his district, Gutierrez will vie for the opportunity to take on Republican Cruz in the general election. U.S. Rep. Colin Allred, D-Dallas, is already running in the primary.
Read more »
Texas Sen. Roland Gutierrez enters Democratic primary targeting U.S. Sen. Ted Cruz in 2024Known for pushing gun restrictions after the Uvalde school shooting in his district, Gutierrez will vie for the opportunity to take on Republican Cruz in the general election. U.S. Rep. Colin Allred, D-Dallas, is already running in the primary.
Read more »