EU Adopts Global Minimum Tax

On 15th December, 2022, the European Union (EU) adopted a plan for a global minimum 15 percent tax on multinational businesses. The tax will come into effect across the block at the end of next year.

About Global Minimum Tax

  • Global minimum tax, a landmark agreement between nearly 140 countries, establishes a system under which a company from a specific country will pay at least a certain percentage of its profits in taxes, regardless of where in the world those profits are being earned.
  • This is a move designed to tackle a worldwide phenomenon known as Base Erosion and Profit Shifting ....
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