The word “taxes” is etched at the Internal Revenue Service (IRS) headquarters in Washington, D.C., United States, on May 10, 2021. ANDREW KELLY/REUTERS (Reuters) – PARIS, July 1 (Reuters) – After two days of discussions, most of the countries discussing a global revamp of multinationals’ cross-border taxation have endorsed ideas for new rules on where firms are taxed and a tax rate of at least 15%, they said on Thursday. “By October 2021, a full implementation plan, as well as the remaining issues, will be finalized,” said a statement signed by 130 of the 139 countries and jurisdictions involved in the talks. The Paris-based Organisation for Economic Cooperation and Development, which organized the talks, estimated that a global minimum corporate income tax of at least 15% might generate an additional $150 billion in yearly tax revenue. It went on to say that under new rules, taxing rights on more than $100 billion in profits would be shifted to the countries where the revenues are earned. The accord will be presented to G20 finance ministers for approval at a meeting next week in Venice. Leigh Thomas contributed reporting, while Andrew Heavens and Pravin Char edited the piece. The Thomson Reuters Trust Principles are our standards./n
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