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Big US tech companies like Google and Amazon have supported the Organization for Cooperation and Economic Development (OECD) negotiations to prescribe tax rates for global companies to deter multinationals from stashing profits in low-tax countries.
The companies primarily impacted are those offering digital services.
A global minimum of at least 15 percent would apply to companies with over $864 billion in revenue and be passed into domestic law by countries.
There would be a provision that taxes avoided overseas would have to be paid at home.
136 countries representing 90 percent of the global economy agreed to the deal, which means they would withdraw individual digital services taxes in return for taxes under the global scheme.
Companies would deal with just one international tax regime, not a multitude of different ones depending on the country.
The deal would allow countries to tax companies located elsewhere that make money through online retailing, web advertising, and other activities.
The Paris-based OECD hosted the talks that led to it.
The minimum tax would reap some $150 billion for governments, according to the OECD.
US Treasury Secretary Janet Yellen said the deal would end a “race to the bottom” in which countries outbid each other with lower tax rates.
Yellen added that rather than competing on the ability to offer low corporate rates, the US will now compete on the skills of their workers and their capacity to innovate.
Ireland also joined the agreement, ditching a low-tax policy that lured the likes of Google and Facebook to base their European operations there.
However, developing countries such as Nigeria, Kenya, Pakistan, and Sri Lanka have objected and indicated they will not sign up.
The agreement will be tackled by the Group of 20 finance ministers next week, and then by G-20 leaders for final approval at a summit in Rome at the end of October.
Countries would sign up to a diplomatic agreement to implement the tax on companies with no physical presence in a country but earn profits there.
