World leaders reach landmark deal on a global corporate tax rate – CNBC

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The Organization for Economic Cooperation and Development (OECD) announced a major breakthrough on Friday, after years of disagreement.

The new multinational tax deal will generate greater revenue for countries around the world, with more than USD 125 billion of profits from 100 biggest and most profitable companies reallocated to other nations.

The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP will create a fairer sharing economy. The agreement is worth an estimated USD 125 billion in profits that are reallocated to other economies for distribution according their needs.

After intense negotiations between developed country governments the multinational corporate tax rate was finally set at 15%. This marks an unprecedented shift in leadership roles as smaller economies like Ireland now have access to international firms – largely due to their lower rates that were previously unattainable without this agreement by larger economies such as Germany or France which may not want these businesses operating there any longer because they’re too big competition-wise; even though many countries had wanted similar goals with respect how high taxes can go before “unfairly” burdening companies who generate jobs etc., but couldn’t agree

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