Global Corporate Tax Deal Has Been Reached

[Frodo]

Global tax deal expected by end of June
After years of political wrangling, officials are close to agreeing on a major overhaul of how the world’s biggest companies pay tax.

[Bismarck]

This is going to be about as successful as the treaty banning war in the 1920s.

[Frodo]

We have an agreement:

130 Nations Agree to U.S. Proposal for Global Minimum Tax on Corporations

[Utah Neolib]

good

[sting in the rafters]

Any word on which nations refused to sign? The nations involved in negotiations total 90+% of global GDP and it's an OECD-endorsed plan so that alone means it'll hold some clout. The BEPS projections excluded the US so hopefully CBO releases a report soon.

[beesley]

Good, though like the Paris Climate Agreement, it has lofty goals which may potentially not be met.

[Crane]

This is going to be about as successful as the treaty banning war in the 1920s.

Hopefully Erik Prince lets you swim in his pool one day for your hard work on his behalf.

[Frodo]

G20 finance ministers sign off on global tax deal
The reform aims to stop multinationals from shifting their profits into tax havens.

Final approval however won't happen until this October, and then I presume it would have to pass the national legislatures of each participating country before it comes into effect.

There is still a long and winding road to travel yet.... 

[mileslunn]

Good overall but understand why some countries oppose it.  This helps avoid race to bottom and thus countries can raise enough revenue to fund programs they want without having to put too much burden on individuals.  On other hand I can understand that in some small countries, low corporate tax is only thing they have going for them.  US is large enough that corporations will naturally want to locate there thus this is a good thing for them.  However I can see why Ireland may oppose this as without its super low corporate tax, its unlikely many corporations would put their headquarters there and they would be a lot worse off.