Washington — G20 leaders endorsed the new global tax agreement following the conclusion of the Summit in Rome. G20 ministers had tasked the OECD to undertake this broader tax reform initiative initially and today’s endorsement is therefore an important milestone.
More than 130 countries reached consensus on a two pillar solution and historic global tax reform agreement for the 21st Century at an OECD meeting in October. The agreement came after years of negotiations and will set a minimum corporate tax rate and will additionally require the largest corporations to pay taxes in all jurisdictions in which they operate.
The following can be attributed to CCIA President Matt Schruers:
“We applaud the G20’s leadership and all parties’ efforts to update the international tax system to reflect today’s global economy. The new framework, once implemented, will allow companies to continue to invest in global markets and enable economies to recover following the pandemic. We encourage countries to implement the new rules by the 2023 deadline and not pursue discriminatory interim measures.”