{"id":563443,"date":"2021-07-04T04:00:17","date_gmt":"2021-07-04T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/egypt-on-board-with-minimum-global-corporate-tax-rate\/"},"modified":"2021-07-04T04:00:17","modified_gmt":"2021-07-04T04:00:17","slug":"egypt-on-board-with-minimum-global-corporate-tax-rate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/egypt-on-board-with-minimum-global-corporate-tax-rate\/","title":{"rendered":"Egypt on board with minimum global corporate tax rate"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt joins 129 <\/strong><strong>other countries i<\/strong><strong>n OECD global corporate<\/strong> <strong>tax plan: <\/strong>Egypt has signed on to a plan by the Organisation for Economic Co-operation and Development (OECD) to introduce a minimum global corporate tax rate of 15%, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/169441025226326\">statement<\/a> by Finance Minister Mohamed Maait. So far, <a href=\"https:\/\/www.oecd.org\/tax\/beps\/oecd-g20-inclusive-framework-members-joining-statement-on-two-pillar-solution-to-address-tax-challenges-arising-from-digitalisation-july-2021.pdf\">130 countries (pdf)<\/a> accounting for more than 90% of global GDP have signed on to the pledge, which is hoped to curtail tax havens and crack down on tax dodging by large multinationals, <a href=\"https:\/\/www.oecd.org\/tax\/beps\/130-countries-and-jurisdictions-join-bold-new-framework-for-international-tax-reform.htm\">the OECD announced<\/a> on Thursday. This is expected to generate around USD 150 bn in additional global tax revenues each year, it said.<\/p>\n<p><strong>Who are the holdouts?<\/strong> Just nine of the 139 countries that have agreed to work with the OECD to tackle <a href=\"https:\/\/www.oecd.org\/tax\/beps\/about\/\">base erosion and profit shifting<\/a> refused to sign on to the proposal. Ireland, Estonia and Hungary \u2014 three low-tax jurisdictions in Europe \u2014 joined Kenya, Nigeria, Peru, Sri Lanka, and two Caribbean tax havens, Barbados, and Saint Vincent and the Grenadines, to oppose the measures. Ireland\u2019s finance minister <a href=\"https:\/\/www.irishtimes.com\/business\/economy\/ireland-one-of-9-countries-to-hold-out-on-signing-oecd-global-tax-deal-1.4609129\">said<\/a> that the government is \u201cabsolutely committed\u201d to changing corporate tax rules, but cannot support a 15% tax rate. Ireland\u2019s corporate tax rate is currently 12.5%.<\/p>\n<p><strong>Looks like state coffers here might get bigger: <\/strong>This is a two-pillar plan that aims to reallocate some of the tax revenues on income generated by multinationals outside their home countries to countries where they make their money \u201cregardless of whether firms have a physical presence there.\u201d \u201cTaxing rights on more than USD 100 bn of profit are expected to be reallocated to market jurisdictions each year,\u201d reads the statement.<\/p>\n<p><strong>Tech companies in the crosshairs: <\/strong>The statement overtly names \u201cdigital companies\u201d, who have been the subject of many tax inquiries in several EU and US jurisdictions, as the sector that will primarily feel the changes. \u201cThe framework updates key elements of the century-old international tax system, which is no longer fit for purpose in a globalised and digitalised 21st century economy,\u201d the statement says.<\/p>\n<p><strong>Yes, but there\u2019s always a loophole:<\/strong> The UK\u2019s financial services industry won\u2019t have to play ball after UK Chancellor Rishi Sunak convinced other OECD countries to grant the City of London an exemption from the rules, <a href=\"https:\/\/www.ft.com\/content\/f10b3e92-03e9-402b-9462-237f53b4d140\">the Financial Times<\/a> reports. It is unknown how this will affect the UK\u2019s network of tax havens,<sup><\/sup> all of which have signed on to the framework.<\/p>\n<p><strong>Timeline:<\/strong> This is a preliminary agreement, with the OECD planning to finalize the remaining elements of the framework, including the implementation plan, in October. It hopes to begin implementing the framework in 2023.<\/p>\n<p><strong>An agreement long in the making: <\/strong>While the plan to set a global minimum corporate tax rate gained momentum <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/148d9762-3804-4516-9d37-257784dabe41\">with the election of the Biden administration<\/a>, the framework has been on the table for the OECD for years apparently, according to the OECD statement.<\/p>\n<p><strong>READ MORE- <\/strong>France\u2019s Finance Minister Bruno Le Maire, who has been a big proponent of the agreement, sat down with us last month to tell us how Egypt stands to benefit from the agreement and how he feels 15% doesn\u2019t go far enough. You can read the full interview <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/548e9c5f-fc70-4553-8e5f-edc63e2721e3\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt joins 129 other countries in OECD global corporate tax plan: Egypt has signed on to a plan by the Organisation for Economic Co-operation and Development (OECD) to introduce a minimum global corporate tax rate of 15%, according to a statement by Finance Minister Mohamed Maait. So far, 130 countries (pdf) accounting for more than [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":563444,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7382],"tags":[4009,72,1253,277,1701,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-bruno-le-maire","tag-enterpriseam","tag-g7","tag-mohamed-maait","tag-oecd","tag-tax","wpautop","entry"],"acf":{"mongo_id":"dc4ed721-9425-47c7-a393-935435f14652","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/16.jpg","photo_position":"above","related_issue":[563437],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt on board with minimum global corporate tax rate - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/04\/egypt-on-board-with-minimum-global-corporate-tax-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt on board with minimum global corporate tax rate\" \/>\n<meta property=\"og:description\" content=\"Egypt joins 129 other countries in OECD global corporate tax plan: Egypt has signed on to a plan by the Organisation for Economic Co-operation and Development (OECD) to introduce a minimum global corporate tax rate of 15%, according to a statement by Finance Minister Mohamed Maait. 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Tax officials will now begin revising over 30 bilateral agreements the\u2026","rel":"","context":"In &quot;Tax&quot;","block_context":{"text":"Tax","link":"https:\/\/enterpriseam.com\/egypt\/category\/tax\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585789,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/30\/renewables-war-in-sudan-and-railways-get-attention-in-el-sisis-meeting-with-austrian-chancellor\/","url_meta":{"origin":563443,"position":1},"title":"Renewables, war in Sudan, and railways get attention in El Sisi\u2019s meeting with Austrian chancellor","author":"enterpriseam admin","date":"30 April 2023","format":false,"excerpt":"PLUS: Egypt to host next year\u2019s meeting of Arab financial institutions","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/977.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568517,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/egypt-submits-ratification-of-anti-tax-avoidance-agreement-to-oecd\/","url_meta":{"origin":563443,"position":2},"title":"Egypt submits ratification of anti-tax avoidance agreement to OECD","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"Egypt has submitted its ratification of an international agreement to crack down on tax avoidance to the Organization for Economic Cooperation and Development, a Finance Ministry statement said on Saturday. The agreement comes into effect in Egypt in January and helps to prevent companies from using loopholes in double taxation\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646619,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/19\/egypt-signs-first-international-anti-tax-evasion-agreement\/","url_meta":{"origin":563443,"position":3},"title":"Egypt signs first international anti-tax evasion agreement","author":"enterpriseam admin","date":"19 June 2017","format":false,"excerpt":"Egypt was among 68 countries to sign the Organization for Economic Cooperation and Development\u2019s (OECD) Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting in Paris on 7 June, Vice Minister of Finance Amr El Monayer said, according to a ministry statement. The treaty\u2026","rel":"","context":"In &quot;Legislation + Policy&quot;","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594878,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/","url_meta":{"origin":563443,"position":4},"title":"\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing","author":"enterpriseam admin","date":"10 September 2019","format":false,"excerpt":"\u201cPhantom\u201d FDI accounts for over a third of global investment, and it\u2019s growing: Almost 40% of all global foreign direct investment (FDI) is being funneled into shadowy structures designed to minimize the global tax paid by firms, a joint study by the IMF and the University of Copenhagen reveals. Of\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/799.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599981,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/16\/what-were-tracking-on-16-january-2019\/","url_meta":{"origin":563443,"position":5},"title":"What we\u2019re tracking on 16 January 2019","author":"enterpriseam admin","date":"16 January 2019","format":false,"excerpt":"You can now email your financial statements to the FRA: The Financial Regulatory Authority (FRA) now requires emailed copies of quarterly and annual financials for companies that have issued (or are in the process of issuing) securities to the public, the regulator said yesterday (pdf). Companies are to send their\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=563443"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563443\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563444"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563443"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563443"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}