Vietnam approves global minimum tax on multinationals

A worker at a foreign-invested company in Hai Phong. Around 122 foreign-invested multinational groups in Vietnam will be affected by the new tax rate. - VNA/VNS

HANOI: Vietnam approved on Wednesday (Nov 29) a global minimum tax on multinationals, pushing more than 100 foreign companies including electronics giant Samsung to pay a higher rate.

In 2021, more than 130 nations that account for 90 per cent of the world economy agreed to bring in a global minimum tax rate of 15 per cent to end big corporations shopping for low rates.