US pushing G20 for global minimum corporate tax: Yellen – MENAFN.COM

SourceMENAFN
SectorEconomy
CountrySaudi Arabia

(MENAFN - AFP) The United States is pushing in the G20 to adopt a global minimum corporate tax to stem the erosion of government revenues, US Treasury Secretary Janet Yellen said Monday. Just days after President Joe Biden announced plans to raise corporate taxes to finance a massive $2 trillion infrastructure and jobs program, Yellen said a collective international effort would end the "race to the bottom" on taxation. Biden expressed outrage at multinationals -- like Amazon -- that have moved to tax havens or used loopholes and pay little to no tax, far less than some individuals, and said he would put a stop to the practice. His plan would raise the US corporate tax rate to 28 percent and the minimum for multinationals to 21 percent.

He dismissed concerns the higher rate would drive companies overseas, telling reporters on Monday that "there's no evidence of that." "We're talking about a 28 percent tax that everybody thought was fair enough for everybody," he said. "I'm going to push as hard as I can (to) change the circumstances so we can compete with the rest of the world." Yellen said the practice of seeking tax havens erodes government revenues and ...read more...