will there be any penalties for countries that do not agree to this? Say if a country wants to set a lower tax rate than this 15% global minimum in order to attract businesses. Or this country could offer lower taxes in general because they don't want to collect that much tax. After all, how much tax to collect is a structural and public spending issue, and a ideological issue. It is specific to a country, and taxation policies and methods are supposed be the sovereignty of a specific country. I also assume this 15% tax is a tax on company profits. But some countries may want to have lower income tax, but a higher value added tax.
But in the future, when this is established, US and other participants in this scheme might view countries offering significant lower tax as anti-competitive, disruption of the market, disruption of established "international order". Using these talking points, the next logical step is to enact penalties. For example, levy extra taxes on that country businesses' operations and transactions in the judications of all of the participants. Would this be a valid concern?
