There's a potential overhaul of the global taxation of multinational corporations on the horizon.

The goal of the proposed 15% global minimum tax is to prevent multinational companies from hiding their profits in lower-tax jurisdictions. Of much interest is the fact that well-known tax havens such as Bermuda, the Cayman Islands, and the British Virgin Islands have even signed the agreement.

An additional update is expected in October when technical details should be sorted out. The agreement is intended to be implemented in 2023.

Click here to read full information from Thomson Reuters.

This post may not contain a complete analysis of the tax issues discussed herein and does not represent official conclusions or advice regarding the matter.