Treasury Secretary Janet Yellen announced on July 1, 2021 that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
Nine countries did not sign; this group included the low-tax European Union members Ireland, Estonia, and Hungary as well as Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria, and Kenya.
India, China, and Turkey, which had been holding out at some point in the negotiations, joined in the agreement.
The world's financial leaders will endorse on July 9-10 a deal setting a global minimum corporate tax and call for technical work to be finished so they can approve the framework for implementation in October, their draft communique showed. The plan is for the new rules to be implemented by 2023, a statement from countries that backed the agreement said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.