IMF officials endorse Biden’s corporate tax hike, global minimum plan By Reuters – Investing.com

IMF officials endorse Biden’s corporate tax hike, global minimum plan By Reuters – Investing.com

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© Reuters. U.S. President Joe Biden delivers remarks on the state of the coronavirus disease (COVID-19) vaccinations

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By David Lawder WASHINGTON (Reuters) -International Monetary Fund officials on Wednesday endorsed U.S. President Joe Biden's plan to raise corporate income taxes and negotiate a global minimum tax, adding that companies and wealthy individuals that have prospered during the pandemic can afford to pay more. "The IMF has been calling for a minimum global corporate income tax rate as a way to interrupt the race to the bottom in corporate income taxation," IMF Fiscal Affairs Director Vitor Gaspar told a news conference. "And that is something which is important to ensure that governments have the resources needed to the various spending priorities that they have to serve." Biden's tax plan, which is expected to be discussed by G20 finance officials on Wednesday, seeks to deter multinational companies from shifting profits to low-tax jurisdictions by setting a broadly agreed global minimum. Paolo Mauro, the IMF deputy fiscal director, said there was an opportunity for wealthier countries to reverse the erosion of their revenues by adding a COVID-19 tax "surcharge" for wealthy individuals and corporations. "In advanced economies, there is an opportunity to reverse some