The European Union (EU) has imposed a tax rate of 15 per cent on multinational firms as a part of a deal agreed upon by 136 nations. The tax will be imposed upon international companies of 27 countries that are a part of the bloc and have an annual turnover of over $916 million in two consecutive years.

European Union imposes 15% tax on multinational firms with turnover of more than $916 million

Leaders of the Group of 20 leading industrial nations are set to sign off on the most sweeping overhaul of the international tax system in a century when they gather in Rome this weekend, ushering in a 15% global minimum tax and changes to how governments can impose levies on large, profitable multinational companies.

A global tax deal is at hand. Here’s how it would work

Over a two-hour breakfast of tea and pastries at the Hotel Amigo in Brussels in July, Treasury Secretary Janet Yellen tried to persuade Paschal Donohoe, the Irish finance minister, to abandon Ireland’s rock bottom corporate tax rate and join the global deal the Biden administration was racing to clinch.

Pastries and persuasion: How a global tax deal got done

Group of Seven rich nations (G7) agreed over a global minimum tax of at least 15 per cent on a country by country basis. This is a landmark move. It is understood to be aimed at getting multinationals, especially tech giants to put more money in government coffers in times when economies around the world have been hit because of coronavirus pandemic.

Global Tax Deal: Historic agreement signed by G7 leaders

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European Union imposes 15% tax on multinational firms with turnover of more than $916 million

A global tax deal is at hand. Here’s how it would work

Pastries and persuasion: How a global tax deal got done

Global Tax Deal: Historic agreement signed by G7 leaders