The Organization for Economic Cooperation and Development (OECD) announced that 130+ nations agreed to a global minimum corporate tax rate of 15%.
What does that mean🤷: Companies with more than USD 889 million in revenues will be subject to a minimum 15% corporate tax rate. The agreement will require companies to pay taxes in the countries where they do business, & is also expected to generate new global tax revenues of USD 150 billion annually.
Why is this important🤔: The world is redeveloping international tax rules to be in accordance with the era of technology. The technological advances in recent years created the need for tax laws to take into account companies that have greatly benefited from globalization.
