No Result
View All Result
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
No Result
View All Result
No Result
View All Result
Home Business

Why Global Minimum Tax Agreement Matters For Smaller Businesses By William D King

by Miles Austine
in Business, Tips and Tricks
0
0
SHARES
96
VIEWS
Share on FacebookShare on Twitter

In October 2021, leaders from the Group of Twenty, which is an integer-governmental forum consisting of 19 countries and the European Union, where on a meeting on various issues associated with the global economy. One major item among that discussion was the international tax agreement on the globalized minimal corporate tax rate of around 15% for the MNC firms.

The agreement was forged by the Biden Administration with around 140 countries and will be targeted to be a milestone in tax fairness for smaller businesses. Experts like William D King are here to talk about this notion more and to help you understand why global minimum tax agreement is best for the smaller businesses.

For the latest changes:

For multiple years now, the smaller firms have been crushed to be right at the bottom where the bigger firms can leave the country or can hide their profits offshore for lower tax rates. Countries always tried reducing their tax rates for encouraging the MNCs to ship their profits and jobs offshore. 

  • When the corporations were able to take advantage of such loopholes and perverse incentives, the smaller businesses and workers were the one to suffer and the wealth gap widens. 
  • A latest Financial Accountability and Corporate Transparency Coalition states that the level of playing between the US MNCs and Domestic businesses were huge and it resulted in aggressive tax planning.

Now, the tables have turned and there are some ways in which the global minimum tax agreement can help out the smaller businesses in question.

Deal with fair law of taxes:

In a research it was found out that around 81% of the Americans still believe that the US firms don’t pay their fair share of taxes. In 2018, a married working couple paid more than 20% of their income in self-employment and income taxes. On the contrary, the US MNCs paid even less than 10% in the corporate income taxes on the USA profits. 

  • This stage was snot just considered to be unfair but also harder for the smaller businesses to have the financial strength they need for growing their business and operate in the same space as the large corporations.
  • In May 2021 survey, it was found out that smaller businesses are feeling impacts of such pressure with 76% of them getting harmed hen the bigger firms are using loopholes to avoid the taxes. 

With the help of global minimum tax, the disparity will get reduced and that will lower the tension level among small business owners for sure.

Stronger Main Streets now:

Main Streets are suffering more than before because companies are moving jobs offshore. But, it has been a constant truth that Main Streets were sign of a stronger economy for the country. So, the International Tax Reforms will eliminate incentives for shifting profits and jobs abroad and ensure that the MNCs pay their fair shares here back at home. So, the latest changes in the Income Tax section, especially in Global Tax Agreement will save the smaller businesses surely.

Previous Post

What are the different types of pan?

Next Post

Top ui ux design Mistakes Made by Designers

Miles Austine

Miles Austine

Next Post
Top ui ux design Mistakes Made by Designers

Top ui ux design Mistakes Made by Designers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Why Do You Need a Top Sales Recruiting Agency?

Why Do You Need a Top Sales Recruiting Agency?

14 hours ago
Financial Tips For Businesses In 2025

Financial Tips For Businesses In 2025

3 days ago
What Modern Buyers Are Really Looking For in a New Home

What Modern Buyers Are Really Looking For in a New Home

4 days ago
Embracing discreet nicotine alternatives for a balanced daily routine

Embracing discreet nicotine alternatives for a balanced daily routine

4 days ago
The Role of Medical Assessments in Managing Driver Fatigue and Risk

The Role of Medical Assessments in Managing Driver Fatigue and Risk

4 days ago
The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

The Global Evolution of Online Gaming: Trends and the Role of Third-Party Item Purchases

1 week ago
Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

4 years ago
Real Estate Remains the Best Investment

Real Estate Investment: 3 Top Tips

4 years ago

Get Blogo is a web magazine platform. Our aim is to provide trending information. So that, our readers get benefited from this website. Our team is here to provide the latest news and information on different topics.

Category

  • Animals
  • Apps & Software
  • Automotive
  • Biography
  • Business
  • Celebrity
  • Education and Career
  • Electronic & Gadgets
  • Entertainment
  • Fashion and Beauty
  • Finance
  • Fitness
  • Food and Recipes
  • Gaming
  • Health
  • Home and Garden
  • Instagram
  • Jobs and Services
  • Law
  • Lifestyle
  • Love and Relationship
  • Marketing
  • Miscellaneous
  • News & Politics
  • Nursing
  • Outdoor
  • Parents and Children
  • Politics
  • Real Estate
  • Reddit
  • Social Media
  • Sports
  • Tech
  • Tips and Tricks
  • Travel
  • TV Shows
  • Writing
  • Trending
  • Comments
  • Latest
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

March 7, 2023
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

July 15, 2024
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

0
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

0
Why Do You Need a Top Sales Recruiting Agency?

Why Do You Need a Top Sales Recruiting Agency?

July 3, 2025
Financial Tips For Businesses In 2025

Financial Tips For Businesses In 2025

July 1, 2025
  • About
  • Team
  • Privacy Policy
  • Editorial Policy
  • Terms & Conditions
  • Contact

Copyright © 2025, Get Blogo

No Result
View All Result
  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Get Blogo – Web Magazine
  • Home 4
  • Home 5
  • Privacy Policy
  • Team
  • Terms And Conditions

Copyright © 2025, Get Blogo