Saving Floridians billions of dollars through tax relief
We’re saving Floridians billions of dollars through tax relief. pic.twitter.com/Dqoj43D3Cx
— Ron DeSantis (@GovRonDeSantis) May 7, 2024
We’re saving Floridians billions of dollars through tax relief. pic.twitter.com/Dqoj43D3Cx
— Ron DeSantis (@GovRonDeSantis) May 7, 2024
In recent years, countries have been debating significant changes to international tax rules that apply to multinational companies. Following a July announcement by countries involved in negotiations at the Organisation for Economic Co-Operation and Development (OECD), today there was a further agreement on an outline for the new tax rules. If fully implemented, large U.S. companies would pay less to the U.S. government and more to overseas governments, while the foreign earnings of companies would face higher taxes.
Of the 140 countries engaged in the negotiations, 136 signed on to the new outline. Holdouts were Kenya, Nigeria, Pakistan, and Sri Lanka.
The proposal follows a general outline that has been under discussion since 2019. There are two “pillars” of the reform: Pillar 1 is focused on changing where large companies pay taxes; Pillar 2 includes the global minimum tax. Both pillars include multiple elements.
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