Ending the race to the bottom – historic global tax reform

For years, multinationals have frustrated world governments with the innovative ways they’ve avoided hefty tax bills. But in October 2021, the G20 – comprising 19 countries and the European Union – formally agreed to impose a new global minimum corporate tax rate of 15 per cent. US Treasury Secretary Janet Yellen declared that this ‘historic agreement’ will ‘end the damaging race to the bottom on corporation taxation’.