136 nations, including India, come to terms to set global tax rate for corporate sector

After nearly four years of discussions and negotiations, 136 nations, including India, have agreed to set a minimum global tax rate of 15 percent for big firms. The move is aimed at reducing tax evasion by corporate giants. However, tax-paying firms are likely to benefit from the agreement as the 15 percent slab is much lower than the average corporate tax in industrial countries which stands at 23.5 percent.