On Friday, October 8, 2021, 136 member nations of the Organization for Economic Cooperation and Development (OECD) reached a historic agreement to establish a global minimum corporate tax rate of 15%, aimed at ending “tax haven shopping” among multinational corporations and potentially raising billions of dollars in tax revenue globally.
However, it remains to be seen whether Congress will make the necessary changes to the Internal Revenue Code to bring the United States into compliance with the international accord. Please see our latest alert here for further details.