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Agreement reached for large companies to pay minimum 15% tax

A landmark global agreement to ensure large companies pay a minimum tax rate of 15% and make it difficult for them to avoid tax was finally agreed after Ireland, Estonia and Hungary signed the elusive agreement.
 
Negotiations have been going on for four years, moving forward online during the pandemic.
 
Some 136 countries have agreed to enforce the corporate tax rate, as well a fairer system of taxing profits where they are earned.
 
It follows concern that multinational companies are re-routing their profits through low tax jurisdictions to cut their bills.
 
Finance Minister Dr. Nigel Clarke told Radio Jamaica News that Jamaica is part of the consensus.
 
However, critics say a 15% rate is too low, and firms will get around the rules.


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