One hundred and thirty-six countries, including Ireland and Hungary, have agreed to a minimum tax of 15% on multinational corporations.

Praising the Organization for Economic Co-operation and Development (OECD) is an “important” decision. One hundred and thirty-six countries have agreed to impose a 15% minimum tax on multinational corporations following demonstrations in Ireland, Estonia and Hungary.

“The major reform of the international tax system completed today in the Organization for Economic Co-operation and Development will ensure that the minimum tax rate of 15% from 2023 applies to multinational corporations.”The Organization for Economic Co-operation and Development (OECD) said in a statement. These 136 countries, which include the European Union, China, India and the United States, account for 90% of global GDP. Thanks to this minimum tax, they could generate about 150 billion euros in extra income. Many countries includingBut Kenya, Nigeria, Pakistan and Sri Lanka did not join the agreement.

The text format was discovered in July. It is a matter of setting technical standards now, but the subject of bitter negotiations between countries with widely different national tax strategies.

Thursday has already seen a major lockout from Ireland and Estonia, with both countries reluctant to put their initials on the text. The Irish call it “yes”‘A big step forward’ European Economic Commissioner Paulo Gentiloni on Thursday on Twitter.

Hungary, the last EU country to make a decision, announced on Friday that it would join the agreement after forcing concessions. Budapest, with a corporate tax rate of 9%, is one of the states focusing on tax attraction.

French Economy Minister Bruno Le Myre welcomed ‘A great and decisive achievement’ During his tenure as French President of the European Union, in the first half of 2022, he reaffirmed his desire to translate this international agreement into law.