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Jamaica is among 130 countries and jurisdictions that have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.

The 130 countries and jurisdictions represent more than 90 per cent of global gross domestic product (GDP).

 

According to an Organisation for Economic Co-operation and Development (OECD) release, a small group of the Inclusive Framework’s 139 members have not yet joined the statement at this time. The remaining elements of the framework, including the implementation plan, will be finalised in October.

 

The 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.

https://www.jamaicaobserver.com/sunday-finance/jamaica-agrees-to-global-minimum-tax-on-large-corporations_225161?profile=1056