A total of 136 countries have agreed to the OECD's new global corporate tax rules, which will affect giant tech companies including Google, Apple, Facebook, and Amazon.
The October agreement – the so-called Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy with a Detailed Implementation Plan – updated and finalised the agreement which 131 countries agreed to in July. There were three important developments.
First, the rate of the minimum tax under Pillar Two is now set at 15%. Second, there is now a detailed implementation plan in place. Third, new countries have agreed to sign up to the new tax rules. These include Ireland, the country which opposed the new rules the most.