130 countries commit to minimum corporate tax rates: economics
Building on the G7 agreement reached in London last month, the latest breakthrough brings together all the countries of the G20 Group, the world’s largest economy, including China, India, Brazil and Russia.
However, some countries, including Ireland, Hungary and Estonia, have not yet signed reforms, which are being negotiated by the 139 participants of the Paris-based OECD.
The other countries that have not signed contracts at this stage are Barbados, Kenya, Nigeria, Sri Lanka and Saint Vincent and the Grenadines. Peru abstained because it currently has no government.
Several jurisdictions, including the Cayman Islands and Gibraltar, which are generally regarded as tax havens with low or zero corporate tax rates, are the signatories to the transaction. Sources close to the process stated that these places are clearly “written on the wall.”
It seems that this is still a WIP, but it is still progressing.