EU adopts global minimum 15% tax on multinationals

International Tax

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16th December,2022

The European Union on 16^th December,2022 adopted a plan for a global minimum 15% tax on multinational businesses, after leaders gave final approval following months of wrangling.The landmark agreement between nearly 140 countries is intended to stop governments racing to cut taxes to lure the world's richest firms to their territory."Today the European Union has taken a crucial step towards tax fairness and social justice," EU economy commissioner Paolo Gentiloni said."Minimum taxation is key to addressing the challenges a globalized economy creates."The plan was drawn up under the guidance of the Organization for Economic Cooperation and Development and already had the backing of Washington and several major EU economies.

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