A Global Tax Deal for the Rich, Not the Poor
Despite the recent G7 agreement on corporate taxation, global leadership requires going beyond national interests to ensure that all countries have sufficient resources to develop healthier post-pandemic economies. This will require addressing the developing world’s demands in a way that is not only historic, but also fair.
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NEW YORK – Historic, game-changing, revolutionary: such has been the widespread reaction to the recent agreement by G7 finance ministers on a global minimum effective tax rate of “at least” 15% for large multinational firms. The ministers also agreed on a new formula for apportioning a share of tax revenues from these companies among countries.