OECD minimum corporate tax plan backed by 130 countries, ASX gains on higher oil prices

More than 100 countries, including Australia, have backed a global minimum tax rate to stop the world’s biggest companies from dodging tax by shifting their profits to low taxing countries. Key points: The OECD says a global minimum corporate tax rate of at least 15pc could generate around $200 billion in extra tax revenue annually The All Ordinaries index rose 0.6pc to 7,587 while the ASX 200 rose 0.6pc to 7,309 Westpac takes equipment financier to court over $200 million potential fraud case The plan could see global companies taxed at a rate of at least 15 per cent which has been pushed by the Biden Administration. 130 countries endorsed the overhaul of international tax rules at a two-day meeting hosted by the Paris-based Organisation for Economic Cooperation and Development. The OECD said a global minimum corporate income tax of at least 15 per cent could yield around $US150 billion ($200 billion) in additional global tax revenues annually. Loading It said the plan would see more than $US100 billion in profits taxed in the countries where the money is earned rather than being shifted to lower taxing jurisdictions. The 130 countries represent more than 90 per cent of the global economy. “They will no… Read full this story

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