SHIPPING has been exempted from an Organisation for Economic Co-operation and Development (OECD) proposed global corporation tax rate of 15 per cent, reports London's Lloyd's List.
Some 130 oecd member states, representing 90 per cent of world GDP, including all G20 economies, agree to the idea, though this association of affluent countries has no power to levy taxes. Some of the backers - including the US - will face domestic political battles before they agree.
The idea of a global minimum tax is to prevent competition between states purely based on ultra-low taxation.
SeaNews Turkey
Some 130 oecd member states, representing 90 per cent of world GDP, including all G20 economies, agree to the idea, though this association of affluent countries has no power to levy taxes. Some of the backers - including the US - will face domestic political battles before they agree.
The idea of a global minimum tax is to prevent competition between states purely based on ultra-low taxation.
SeaNews Turkey
