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International Corporate Tax Reform

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International Corporate Tax Reform

IMF,

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Policy makers are modernizing the global tax system in response to the digital economy. 

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World leaders are fundamentally retooling the international tax framework to address the modern digital economy, as well as the intense tax rate competition between nations and the dominant role of multinationals in the global economy. Policy officials in 138 countries have agreed to a new architecture that focuses on taxation within countries and the setting of a minimum global corporate levy. International Monetary Fund staff members explain the new structure and its implications for worldwide business, economic growth and tax revenue in this informative reference guide.

Summary

Policy officials around the world are working to modernize the global tax code.

For more than a century, the global tax system had largely remained static. However, in 2021, national leaders took bold actions to address the new digital economy, globalization and the role of multinationals in the world economy. Policy officials from 138 countries have signed on to the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS). Under the new design, the international community is now positioned to more effectively avert race-to-the-bottom tax codes between competing nations and profit shifting by multinationals.

Taxing rights and a global minimum tax on excess profits underpin the IF structure. The new language alters the conventional...

About the Author

The International Monetary Fund advises member nations on policy issues and works to promote economic stability and well-being.

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