The G-7 Countries have successfully negotiated a Global Minimum Corporate Tax of 15%. This would disincentive companies from offshoring their profits to countries with lower corporate tax rates. The basic structure is, a country where a business is headquartered will be able to collect taxes on foreign profits, if the company their made in charges a less than fifteen percent corporate tax rate. They will be able to collect on the difference between that local tax rate and the global minimum of 15%. Here’s what’s happening!
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