On 10th July 2021 the Group of Twenty reached agreement about minimum world‘s valid rate of taxation. The financial ministers of the Group and the representatives of the Central Banks namely want to implement a stable and fair international frame for the taxation of companies.
Additionally the basic reform of the corporational tax system will be introduced with the global standardisation , what means a contribution to the social justice, fair taxation and to the mulitlateral system.
The representatives of the Group agreed that the taxation legislation should be formed in a new way, where the taxation of a company is now connected with the country, in which the company‘s income was created. The legislation should consider the development, changing business models and with this also the fact, that for instance a company can be active on one location without being present there with its own branch.
Besides a minimum rate of taxation in the height of 15 percent should be implemented in the world‘s frame, what should put an end to the fight for extremely low tax rates and tendencies for an agressive taxation planning of certain companies. The mentioned rate should be valid for all the corporations, which generate a global turnover in the value of more than 750 million Eur.
