Global Tax Agreement Wikipedia: Everything You Need to Know
As the world is becoming more connected and globalized, it has become increasingly important for countries to work together to create fair and equitable tax systems. The Global Tax Agreement is an international agreement that aims to do just that. In this article, we`ll take a closer look at the Global Tax Agreement and its significance, as well as explore what you can find on its Wikipedia page.
What is the Global Tax Agreement?
The Global Tax Agreement is an agreement between over 130 countries to reform international tax rules and ensure that multinational corporations pay their fair share of taxes. The agreement is being led by the Organisation for Economic Cooperation and Development (OECD), and negotiations have been ongoing since 2013.
The main focus of the Global Tax Agreement is on two fronts: firstly, creating a new framework for taxing large multinational corporations, and secondly, developing a global minimum tax rate. The agreement aims to prevent companies from shifting profits to low-tax countries or tax havens by requiring them to pay a minimum level of taxes in each country they operate in.
What is the significance of the Global Tax Agreement?
The Global Tax Agreement is significant for a number of reasons. Firstly, it is a major step towards creating a fairer and more equitable international tax system. This is important because multinational corporations have previously been able to avoid paying their fair share of taxes, which has deprived governments of much-needed revenue.
Secondly, the agreement is expected to generate significant revenue for governments around the world. This is likely to be particularly beneficial for developing countries, which have historically struggled to collect taxes from multinational corporations.
Finally, the Global Tax Agreement is seen as an important step towards creating a more stable and predictable international tax system. This is important for businesses, which will benefit from greater certainty about their tax obligations and will be less likely to face unexpected tax bills.
What can you find on the Global Tax Agreement Wikipedia page?
The Global Tax Agreement has a dedicated Wikipedia page that provides a comprehensive overview of the agreement and its significance. On the page, you can find a detailed explanation of the agreement`s objectives, as well as information about the negotiations and the countries that have signed up to the agreement.
You can also find information about the key features of the agreement, including the new framework for taxing multinational corporations and the global minimum tax rate. Additionally, the page provides a timeline of the negotiations and links to relevant reports and articles.
In conclusion, the Global Tax Agreement is an important international agreement that aims to create a fairer and more equitable international tax system. Its significance lies in its potential to generate revenue for governments around the world, as well as to create a more stable and predictable tax system for businesses. If you want to learn more about the agreement, the dedicated Wikipedia page is a great place to start.