Key Points
Global minimum tax of 15 per cent will come into effect from next year and by 2025 almost 90 per cent of MNCs having revenues of more 750 million euros will be subject to the levy in every country of operation, said OECD in its report to G20..
"The implementation of the global minimum tax is now well underway and will come into effect from the beginning of next year," the Organisation for Economic Cooperation and Development (OECD) said in a report to G20 finance ministers and central bank governors...
The OECD said that till date, around 50 jurisdictions have taken steps to implement the global minimum tax..
"The implementation of the global minimum tax continues to gather speed and we estimate that by 2025 almost 90 per cent of global multinational enterprises (MNEs) with revenues above EUR 750 million will be subject to a minimum effective tax rate of 15 per cent in every jurisdiction where they operate," it added...
Under the proposed two-pillar solution for taxation of MNCs -- Pillar One is about reallocation of additional share of profit to the market jurisdictions and Pillar Two consists of minimum tax and subject to tax rules.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
