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France's Finance Minister Bruno Le Maire described has said that the agreement is a "victory" for 130 countries. The "victory" is against the tax havens and multinational companies that like such countries to register themselves in and operate from. [https://www.euronews.com/2021/07/10/global-minimum-corporate-tax-of-15-looks-set-to-get-the-green-light-at-g20]
The G20 finance ministers, arguably the most influential economic bloc globally, have approved an international tax reform for ending tax havens such as Ireland, Barbados, Saint Vincent , Hungary, and others. With a global corporate tax rate of at 15%, has now been approved by over 130 countries.
But not everybody is happy with the new regime. Ireland, for instance, has not signed on to the deal as it has much to lose. At corporate tax rate hovering around 12.5 percent, it is one of the lowest in the world. And several multinationals like Google, Facebook and Twitter have their European headquarters because of low tax rates.
According to experts, Ireland earned around in USD 16.5 billion in corporate taxes last year, with almost half of it coming from just 10 multinationals. This is besides thousands of jobs that these companies offer to the locals.
According to an analysis, around 100 companies, mainly from the U.S, are likely to be affected by the new deal. As opposed to all these years when companies, especially tech giants, paid taxes where they registered in—mostly low-tax countries — governments can now impose taxes where they operate. [https://www.theguardian.com/business/2021/jun/03/global-corporation-tax-reform-what-are-the-key-issues-in-g7-negotiations]
Economists like Nobel Prize laureate Joseph Stiglitz and Thomas Piketty have advocated for a global minimum corporate tax rate for a long time. Although 15 percent is far lower than what they have been demanding, it is likely that multinationals will find it difficult to dodge taxes.
Read more:
The tax deal:
https://www.cnbc.com/2021/07/10/g-20-financial-leaders-agree-to-move-forward-on-international-tax-crackdown.html
The minimum tax and risks:
https://taxfoundation.org/global-minimum-tax
Why some countries are not happy with the deal:
https://www.forbes.com/sites/oliverwilliams1/2021/06/30/developing-countries-refuse-to-endorse-g7-corporation-tax-rate/