EU Adopts Global Minimum 15% Tax on Big Business

EU Adopts Global Minimum 15% Tax on Big Business

• The European Union has adopted a plan for a global minimum 15% tax on big business. The landmark deal between nearly 140 countries aims to stop governments racing to cut taxes in a bid to attract companies. It was praised by US Treasury Secretary Janet Yellen as “an historic agreement which helps even the playing field”.
• EU member states reached agreement in principle to implement at EU level the minimum taxation component, known as Pillar 2, of the OECD’s reform of international taxation. The ambassadors of EU member states decided to advise the Council to adopt the Pillar 2 directive, and a written procedure for the formal adoption will be launched.

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Published date : 21 Dec 2022 05:45PM