Countries participating in the OECD Inclusive Framework’s negotiations on cross-border taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. rules hope to reach an agreement by mid-2021. After negotiations stalled somewhat in 2020, there is hope that US Treasury Secretary Janet Yellen’s commitment to reaching an agreement will allow progress to be made this year.
One piece in the negotiations is the proposal for a global minimum tax. As part of the 2017 tax reform, the US adopted a tax on global intangible low tax income (GILTI), a sort of minimum tax on the foreign earnings of US companies.
Note: This is a preview of the full article posted on MNETax.com. To see more, click the link below.
Stay informed on the tax policies impacting you.
Subscribe to get insights from our trusted experts delivered straight to your inbox.Subscribe