Shoppers walk down Hohe Strasse shopping district one day before Germany goes back to a complete lockdown due to the coronavirus disease (COVID-19) outbreak, in Cologne, Germany, December 15, 2020.
BERLIN, Nov 10 (Reuters) - The German parliament on Friday approved the implementation of a global minimum corporate tax, as part of an international deal to ensure large companies pay a minimum tax rate of 15%.
Multinational firms will have to pay that level of tax on all of the profits they make worldwide, regardless of where the profits are generated.
This will apply to all such companies and large-scale domestic groups with turnover above 750 million euros ($800 million) per year.
The law was approved in Germany with the support of all the coalition parties and the main opposition party.
The Ministry of Finance estimated earlier this year that additional tax revenue of 910 million euros could be expected in Germany from 2026.
In 2027 and 2028, the tax is forecast to bring in 535 and 285 million euros, respectively. »