138 Countries Likely to Sign Global Tax Agreement by 2022 to Curb Corporate Tax Avoidance

A global tax convention to stop tax avoidance by top multinational corporations is likely to be signed by 138 countries by end of 2022 and implemented starting 2025.
The convention covers Pillar 1 giving taxation rights to countries where services are consumed and Pillar 2 prescribing a 15% global minimum corporate tax rate.
A multilateral convention will be open for signature by end of 2022 to facilitate implementation of Pillar 1 by amending bilateral tax treaties.
The two pillars are part of one package but minimum tax rate under Pillar 2 can be implemented faster through domestic law changes.
More than 50 countries have already started implementing the minimum global tax, making it effective even if some countries don't participate.

A global tax convention to stop tax avoidance by top multinational corporations is likely to be signed by 138 countries by end of 2022 and implemented starting 2025.
The convention covers Pillar 1 giving taxation rights to countries where services are consumed and Pillar 2 prescribing a 15% global minimum corporate tax rate.
A multilateral convention will be open for signature by end of 2022 to facilitate implementation of Pillar 1 by amending bilateral tax treaties.
The two pillars are part of one package but minimum tax rate under Pillar 2 can be implemented faster through domestic law changes.
More than 50 countries have already started implementing the minimum global tax, making it effective even if some countries don't participate.