Nov 11, 2023
Germany approves global minimum corporate tax
The German parliament on Friday approved the implementation of a global minimum corporate tax, as part of an international deal to ensure large companies pay a minimum tax rate of 15%.
Multinational firms will have to pay that level of tax on all of the profits they make worldwide, regardless of where the profits are generated.
In 2021 almost 140 countries agreed to an Organisation for Economic Cooperation and Development deal they are meant to implement from next year to prevent big companies like Alphabet's Google or Amazon avoiding taxation by transferring profits to low-tax countries.