Australian Senate Votes to Embed Global Minimum Tax Standard Into Law

Government passed a 15 percent global and domestic minimum tax for multinational corporations, effective from Jan. 1, 2024.

U.S. Secretary of State Antony Blinken listens as Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development, speaks during a press briefing at the OECD's Ministerial Council Meeting, in Paris, France October 6, 2021. Patrick Semansky/Pool via Reuters

The Australian Senate has passed legislation to enforce a 15 percent global and domestic minimum tax rate for all multinational corporations locally.

Starting Jan. 1, 2024, companies with annual revenues exceeding $1.2 billion (€750 million or US$805.67 million) will be subject to this new standard.