G20 leaders support the Organization for Economic Co-operation and Development (OECD) agreement on a global minimum tax of 15 percent, as decided by leaders of member states at their summit in Rome on Saturday.

Under the draft, which was reviewed by Reuters, group leaders called on all countries and jurisdictions to work together to implement the OECD’s 15-point Action Plan to Combat Base Erosion and Profit Shifting (BEPS for short) to develop model and multilateral rules. As outlined in the detailed implementation plan, so that the new regulation can enter into force globally in 2023. The proposal will be formally adopted on Sunday.

In 2019, the Organization for Economic Co-operation and Development began developing a framework for global minimum tax regulation. The essence of the agreement reached in Paris in the first half of October this year is that in the future, governments will apply a uniform corporate tax of 15% to multinational companies.

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What is this global tax that the Hungarian government struggled with for months and then succumbed to?

Dzindzisz SztefanPledge

It seemed that after several years of struggle, there was still a universally set minimum corporate tax, after almost all the resisters, so Hungary gave in as well. The government won an additional five years in the negotiations, but it is not known how the country will be affected by the real historical breakthrough.