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BREAKING:

HONDA TO SET UP $15B EV PRODUCTION BASE IN CANADA

Automaker to get up to $5B in government assistance for EV battery, assembly plants

Global minimum corporate tax rate has been reached: OECD

Leigh Thomas
Updated ·1 min read
OECD's Ministerial Council Meeting, in Paris

By Leigh Thomas

PARIS (Reuters) - A global deal to ensure big companies pay a minimum tax rate of 15% and make it harder for them to avoid taxation has been agreed by 136 nations, the Organisation for Economic Cooperation and Development said on Friday.

The OECD said four countries - Kenya, Nigeria, Pakistan and Sri Lanka - had not joined the agreement.

"Today's agreement will make our international tax arrangements fairer and work better," OECD Secretary-General Mathias Cormann said in a statement. "This is a major victory for effective and balanced multilateralism."

The OECD said that the minimum rate would see countries collect around $150 billion in new revenues annually while taxing rights on more than $125 billion of profit would be shifted to countries where big multinationals earn their income.

(Reporting by Leigh Thomas, Editing by Christian Lowe)