With 136 countries on board, the deal will cover 90% of global GDP when it comes into effect in 2023. It is clear the deal is a major step forward in preventing tech companies from avoiding tax payments by operating in favorable countries. However, OECD is eager to point out the deal does not eliminate tax competition. What it does do is ensure countries get tax payments. It is worth noting the agreement only covers companies with revenues of €750 million or more. Over the years, giants like Microsoft, Apple, and Google have all fallen foul of regulators for their tax avoidance practices.
New Era
Speaking of the deal, OECD Secretary-General Mathias Cormann, say: “Today’s agreement will make our international tax arrangements fairer and work better. This is a major victory for effective and balanced multilateralism. It is a far-reaching agreement which ensures our international tax system is fit for purpose in a lobalized and lobalized world economy. We must now work swiftly and diligently to ensure the effective implementation of this major reform.” All countries that are part of the agreement will create their own domestic legislation next year to reflect the new tax. OECD will provide support to ensure nations can roll out their rules and make them effective. Tip of the day: To prevent attackers from capturing your password, Secure Sign-in asks the user to perform a physical action that activates the sign-in screen. In some cases, this is a dedicated “Windows Security” button, but the most common case in Windows 10 is the Ctrl+Alt Del hotkey. In our tutorial, we show you how to activate this feature.
