For decades, multinational corporations—especially those based in the U.S.—have funneled billions of dollars in profits to tax havens, earning even more money for their shareholders. That’s why a global agreement brokered in 2021 by the Organization for Economic Co-operations and Development (OECD) was a huge deal: it set a global minimum tax of 15% and included a few ways that countries could collect that tax even if tax havens and companies were not cooperating. [time-brightcove not-tgx=”true”] But corporations are already finding new ways to get around that agreement; a development that will end up reducing the amount of corporate taxes countries can collect by about half
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