A minimum global tax rate of 15 percent on big, multinational corporations.The solution they arrived at is to devise a tax system that is built on two pillars of taxation. The big tech giants, reacting to the G7 developments, are one in supporting the G7 agreement. If the wider group of nations accept the principles developed in the G7 agreement, then indeed, the outcome for the global tax system would be significant. That itself could serve a big purpose, but it will not be a major transformation of the global tax system. Although this development on global tax negotiations are important for many economies, it will take some time before we can feel the influence of these negotiations on us.

Source: Philippine Star June 08, 2021 15:56 UTC