US Treasury Secretary Yellen to push G20 for minimum global corporate tax

Written by on July 7, 2021

United States Treasury Secretary Janet Yellen will press Group of 20 (G20) counterparts this week for a global minimum corporate tax rate above the 15 percent floor to which 130 countries agreed last week, but a rate decision is not expected until future phases of negotiations, US Department of the Treasury officials said on Tuesday.

The specific rate, and potential exemptions, are among issues still to be determined after 130 countries reached an historic agreement at a Paris-based Organisation for Economic Co-operation and Development (OECD) meeting last week.

The countries outlined a global minimum tax and the reallocation of taxing rights for large, highly profitable multinational firms.

The deal is widely expected to be endorsed by G20 finance leaders when they meet on Friday and Saturday in Venice, Italy.

Negotiations on the global minimum tax rate, aimed for completion by the G20 leaders’ summit in October, is tied to the outcome of legislation to raise the US minimum tax rate, a Treasury official said.

Credit: Al Jazeera

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