A group of 136 countries have agreed to a global treaty that would tax large multinationals at a minimum rate of 15% and require companies to pay taxes in the countries where they do business.
Estonia, Hungary and -- most notably -- Ireland joined the agreement. It is now supported by all nations in the Organization for Economic Cooperation and Development and the G20. The countries that signed on to the international treaty represent more than 90% of global GDP. Four countries that participated in the talks -- Kenya, Nigeria, Pakistan and Sri Lanka -- have not yet joined the agreement.
The Biden administration breathed new life into the global initiative earlier this year and secured the support of the G7 countries in June, paving the way for a preliminary deal in July.
With that done, there are many other benefits Ireland can offer the various International Businesses looking for a tax haven. Just a thought.
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