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136 nations, including India, come to terms to set global tax rate for corporate sector

Shortpedia

Content Team
Image Credit: Shortpedia

After nearly four years of discussions and negotiations, 136 nations, including India, have agreed to set a minimum global tax rate of 15 percent for big firms. The move is aimed at reducing tax evasion by corporate giants. However, tax-paying firms are likely to benefit from the agreement as the 15 percent slab is much lower than the average corporate tax in industrial countries which stands at 23.5 percent.