OECD Fixes Minimum Tax of 15% MNCs From 2023
Multinational Corporations may be subject to minimum tax of 15% from 2023. It may be an important and major step of OECD towards in reform of the worldwide tax system.
The system, sponsored by 136 nations, including India. In this reform it was tried to ensure an honest sharing of Taxes for nations where multinationals and worldwide advanced organizations, like Netflix, Google acquire incomes.
The Landmark deal assented by 136 nations and jurisdiction addressing over 90% of worldwide GDP. Most useful MNCs are round the world and it was also ensured in landmark deal that these corporation pay a fair share of tax wherever they operate and generate revenue.
The two-pillar solution is expected to come out in the G20 Finance Ministers’ meeting in Washington DC on 13 October, then at the end of the month at the G20 Leaders’ Summit in Rome.
It is also said in OECD statement, with effective implementation in 2023 various countries are aiming to sign a multilateral convention during 2022.
