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Global tax deal backed by 130 countries


Global tax deal backed by 130 countries
Posted : 2021-07-02 11:28
Updated : 2021-07-02 11:28
In this June 7, 2017, file photo, the Organisation for Economic Co-operation and Development (OECD) headquarters is pictured in Paris. Some 130 countries have backed a global minimum tax as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates. AP-Yonhap
A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.
The Organization for Economic Co-operation and Development said in a statement that global companies, including U.S. behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent once the deal is implemented. ....

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Australia has signed the global initiative to wrestle profits back from tech giants like Google and Facebook. It could net the country an extra $3 billion tax revenue a year.


Australia has signed the global initiative to wrestle profits back from tech giants like Google and Facebook. It could net the country an extra $3 billion tax revenue a year.
Bianca Healey
(Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)
Australia is among 130 countries which have signed onto a global tax initiative that requires a 15% minimum tax from multinational corporations.
The Organisation for Economic Co-operation and Development (OECD) said closing some of the most notorious tax loopholes in the world would generate an estimated $US150 billion in additional tax revenue each year.
Australia has been seeking to crack down on tax avoidance by multinationals since 2017, but has struggled to raise revenue from tech giants like Apple, Facebook and Google. ....

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