READ MORE:* NZ must back the G7's multinational tax plan* Meet the Australian who wants our vote for the top job at the OECD* Multinational tax 'breakthrough': what we know so farThat minimum tax rule will prevent multinationals making use of tax havens and is expected to result in an additional US$150b (NZ$215b) of tax being collected by tax authorities each year, globally. British chancellor Rishi Sunak hailed the multinational tax plan as one that would bring fairness when it was endorsed by the G7 last month. That so-called ‘pillar one’ rule is expected to redistribute about US$100b in tax revenue, including to smaller countries such as New Zealand. Sam Mooy/Getty Images OECD secretary-general Mathias Cormann says the multinational tax agreement is “historic”. Ireland has long been criticised for offering low tax rates and special deals and, in the past, allowing tax rorts, to attract multinationals to its shores.

Source: Stuff July 01, 2021 22:01 UTC