Africa Business Radio

136 members of the Organisation for Economic Cooperation and Development and G-20 Nations at the weekend agreed to a 15 per cent corporate tax rate effective from 2023, though Nigeria withheld its assent.The signatories officially entered into the agreement on Friday under the OECD/G20 Inclusive Framework on Base erosion and profit shifting, leaving Nigeria, Kenya, Pakistan, and Sri Lanka.The signatories in their says the agreed to ensure that the MNEs pay a fair share of tax wherever they operate and generate profits.The statement said major reform of the international tax system would ensure that Multinational Enterprises would be subject to a minimum 15 per cent tax rate from 2023.