(MENAFN- Colombo Gazette) Sri Lanka, along with Kenya, Nigeria and Pakistan, has refused to sign a global tax treaty.
The Organization for Economic Cooperation and Development announced that 136 countries of the 140 members of the OECD / G20 Inclusive Framework on BEPS have signed the agreement.
Four countries – Kenya, Nigeria, Pakistan and Sri Lanka – have not yet acceded to the agreement, said the Organization for Economic Cooperation and Development.
The agreement ensures that multinational companies (MNEs) will be subject to a minimum tax rate of 15% from 2023.
The groundbreaking deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also redeploy more than $ 125 billion in profits from around 100 of the world’s largest and most profitable MNEs to countries around the world ensure that these companies get a fair share of the taxes wherever they operate and make a profit.
After years of intensive negotiations to transfer the international tax system to the 21st Opinion on the two-pillar solution for overcoming the tax challenges of the digitization of the economy .
It updates and finalizes a political agreement of the members of the Inclusive Framework in July to fundamentally reform international tax regulations.
The financial leaders of the major G20 economies on Wednesday endorsed the global corporate tax revision deal, pledging to maintain fiscal support for their economies while keeping an eye on inflation. (Colombo Gazette)
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