After years of negotiations, G20 leaders on Saturday endorsed an historic deal aimed at ending tax havens, although some developing countries complain it still falls short.
Some 136 countries representing more than 90 percent of global GDP have signed the OECD-brokered deal to more fairly tax multinational companies and enact a minimum tax on global corporations of 15 percent.
But this date will almost certainly slip, as each country must translate the global deal into national legislation -- with Biden facing some of the toughest domestic opposition. The first pillar of the reform, which involves taxing companies where they made their profits, not just where they are headquartered, has run into fierce opposition in the US Congress.
Not least because the average global tax rate is currently a higher 22 percent, itself well below the average of 50 percent in 1985. "The agreement was negotiated with developing countries and reflects a large part of what they wanted, but it is true that it is a compromise," Pascal Saint-Amans, the head of tax policy at the OECD and one of the architects of the reform, told AFP.
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