G-20 finance ministers back plan to stop use of tax havens

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The new plan could have serious implications for Australian companies that use low-tax jurisdictions in cross border transactions.

Top finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15 per cent global minimum corporate levy to deter big companies from resorting to low-rate tax havens.

The next steps include more work on key details at the Paris-based Organisation for Economic Cooperation and Development and then a final decision at the Group of 20 meeting of presidents and prime ministers in October in Rome. The US already has a minimum tax on overseas earnings, but President Joe Biden has proposed roughly doubling the rate to 21 per cent, which would more than comply with the proposed global minimum. Raising the rate is part of a broader proposal to fund Biden’s jobs and infrastructure plan by raising the domestic corporate tax rate to 28 per cent from 21 per cent.

 

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