Global tax agreement moves ahead

Chancellor Rishi Sunak has hailed global cooperation after 136 countries have agreed to the new system to ensure that large multinationals pay the right tax

After high-level meetings over the weekend, an agreement was made among the G7 countries for the OECD’s plan for a global corporate tax rate to go ahead.

The plan is for countries to sign a multilateral convention during 2022 and implement the rules from 2023.

Estonia, Hungary, and Ireland have now joined the agreement which means that it is now supported by all the OECD and G20 countries. This means that 136 countries and jurisdictions representing more than 90% of global GDP have joined.

Only four countries, Kenya, Nigeria, Pakistan, and Sri Lanka have not yet joined the agreement.

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