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Major reform of the Global Tax System

 More than 130 countries have agreed to a major reform of the international tax system finalized by the Paris-based OECD. The tentative deal would change the way big multinational companies are taxed under the agreement.



  Countries would enact a minimum global corporate tax of 15 on the biggest companies from the year 2023. It also aims to stop global corporations from slashing tax bills by registering in nations with low rates Countries are aiming to sign a multilateral convention in 2022, with an eye on implementing the reform in 2023 once implemented, the deal could rip an estimated 150 billion us dollars For government coffers annually, the rates will apply to companies with revenue exceeding 867 million dollars. In addition to the minimum rate, the 136 countries also agreed to re reallocate more than 125 billion u. s dollars of profits from Around 100 100 of the world's most profitable multinationals to countries worldwide. The agreement among 136 countries was announced by the Paris-based organization for cooperation and economic development, which hosted the talks that led to it OECD, secretary-general, Matthias Coleman, said in a tweet. Today's agreement will make our international tax arrangements fairer and work. Better french Finance Minister made the announcement in a video address where he described the changes as a tax revolution revolutionary.

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