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Monday, May 16, 2022

Nigeria, three other nations yet to join global tax deal as 136 countries seal taxation pact

Nigeria is yet to join the global deal on corporate tax just as the the Organisation for Economic Cooperation and Development (OECD) said on Friday the tax deal has been agreed by 136 nations.

The OECD said the global deal to ensure big companies pay a minimum tax rate of 15 percent and make it harder for them to avoid taxation has been sealed.

The OECD said three other countries, Kenya, Pakistan and Sri Lanka are also yet to join the agreement.

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“Today’s agreement will make our international tax arrangements fairer and work better,” OECD Secretary-General Mathias Cormann said in a statement.

“This is a major victory for effective and balanced multilateralism.”

The OECD said that the minimum rate would see countries collect around $150 billion in new revenues annually.

It said that taxing rights on more than $125 billion of profit would be shifted to countries where big multinationals earn their income.

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