15% global tax to help boost Egypt’s revenues

15% global tax to help boost Egypt’s revenues

CAIRO: Egyptian Finance Minister Mohamed Maait on Saturday said some 130 countries including Egypt have agreed on a global minimum tax to keep multinational firms from dodging taxes by shifting their profits to countries with low rates. Maait said it is an attempt to address challenges posed by an increasingly digital economy. The finance minister said the signatories agreed to set new taxation rules and a global minimum tax of at least 15 percent. He said the agreement would help boost Egypt's tax revenues. It gives countries where a company does business the right to tax some $100 billion in multinational company profits, including digital ones, regardless of the company's home country or if it has a physical presence in the nation.