130 states have approved the introduction of an international tax system for large corporations, the Organization for Economic Cooperation and Development (OECD) said. According to the plan, the minimum single tax rate will be 15%. For the system to work, countries must pass laws.
“The two-pillar package that has emerged from OECD negotiations over the past decade is designed to ensure that large multinationals pay taxes wherever they do business and profit,” the organization’s website says.
The OECD estimates that states lose from $ 100 billion to $ 240 billion annually due to tax shortfalls. “After years of intensive work and negotiations, this historic agreement will ensure that large multinationals pay their fair share of taxes everywhere,” said the organization’s secretary general, Matthias Corman.