The Global Tax Agreement – A Friend or Foe for the Big 4?
Tom Spencer
OCTOBER 28, 2022
In June 2021 at the annual G7 summit in Cornwall, major western powers committed themselves to the idea of a global minimum corporate tax. This shift is part of a longer-standing endeavour by the OECD to prevent international tax avoidance called the Base Erosion and Profit Shifting ( BEPS ) initiative. The BEPS initiative has two main pillars. The first one seeks to implement a principle for taxation of corporate revenues based on location of sale rather than place of manufacturing.
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