According to the Organization for Economic Co-operation and Development (OECD), 130 countries are ready to join a large-scale project concerning the crypto world. The project is aimed at the introduction of international taxation rules for the companies that use cryptocurrencies.
Experts suppose that such rules will not allow international enterprises to avoid taxes. The key idea of the project is to make corporations pay taxes in the country where they receive profit. A global minimum corporate income tax will total 15%. What is more, the number of tax havens is likely to reduce, as this requirement is mandatory for every country.
French Finance Minister Bruno Le Maire welcomed the project as the most important international tax deal reached in a century. “Key details about a proposed global minimum corporate tax rate and exemptions from the agreement will then have to be cleared up before the next G20 meeting in October”, he said. "I ask them to do everything to join this historical agreement which is largely supported by most countries," he added.
Economists have been working on the project for several years. They believe that it is the right time to implement new laws, as this will provide countries with additional funds that could be used to support economies amid the pandemic. The new tax is estimated to generate around $150 billion annually.
