OECD wants key part of global tax deal signed off by mid-2023

The Organisation for Economic Cooperation and Development said on Monday that its plans for a global tax deal are on course to come into effect in 2024. The group want the first pillar of the deal to be signed-off mid-2023. This will reallocate 25% of profits from the world’s largest multinationals for taxation in the countries where their clients are regardless of the companies’ physical location. But experts think the chances of the US Congress ratifying the deal are slim. The second pillar aims to set global minimum corporate tax rate of 15% and the OECD said most countries were planning legislation to adopt this pillar so that it also enters into force in 2024.

Financial Times

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