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Germany approves global minimum corporate tax (www.reuters.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Multinational firms will have to pay a minimum of 15% tax on all of the profits they make worldwide, regardless of where the profits are generated.

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[–] [email protected] 9 points 1 year ago

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BERLIN, Nov 10 (Reuters) - The German parliament on Friday approved the implementation of a global minimum corporate tax, as part of an international deal to ensure large companies pay a minimum tax rate of 15%.

In 2021 almost 140 countries agreed to an Organisation for Economic Cooperation and Development deal they are meant to implement from next year to prevent big companies like Alphabet's Google (GOOGL.O) or Amazon (AMZN.O) avoiding taxation by transferring profits to low-tax countries.

The increase is expected to raise $220 billion globally for governments strapped for cash after the COVID-19 pandemic and struggling to ride out a cost-of-living crisis, although the ratification process has hit hurdles in various countries.

Last December the European Union member states agreed on a common directive to ensure uniform implementation of the tax within the EU, and that directive must be passed into national law in all EU countries by the end of the year.

The Ministry of Finance estimated earlier this year that additional tax revenue of 910 million euros could be expected in Germany from 2026.

In 2027 and 2028, the tax is forecast to bring in 535 and 285 million euros, respectively.

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