The OECD added in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent. Ireland, the EU home to tech giants Facebook, Google and Apple, has a corporate tax rate of just 12.5 percent. The second 'pillar' is a minimum level of corporate tax globally, so that governments do not compete with each other by lowering taxes to attract investment from large multinationals. The G7 also agreed to set a global standard of corporation tax - set at 15 per cent minimum. Germany, another backer of the tax reform, hailed it has a 'colossal step towards tax justice', and France said it was 'the most important tax agreement in a century'.

Source: The Nation July 01, 2021 18:11 UTC