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G7 nations have agreed to close cross-border tax loopholes
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Taxing times: The G7 deal will end what Janet Yellen terms a ‘30-year race to the bottom on corporate tax rates’.
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AFP
G7 nations have agreed to close cross-border tax loopholes
Finance Ministers from the Group of Seven (G7) rich nations on Saturday reached a landmark accord setting a global minimum corporate tax rate, an agreement that could form the basis of a worldwide deal.
The deal aims to end what U.S. Treasury Secretary Janet Yellen has called a “30-year race to the bottom on corporate tax rates” as countries compete to lure multinationals.
Warning: Tax Collectors Around The World Are After You!
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Tax collectors are coming after you as never before. This is bad news for a sustainable global economic recovery from the pandemic.
U.S. Treasury Secretary Janet Yellen is proposing that countries around the world enact a global minimum corporate tax rate and this idea is just for starters. Plans are being developed to have global tax laws for individuals as well. No matter where you live or have a business, politicians want more money from you.
U.S. Treasury Secretary Janet Yellen. (Photo by SAUL LOEB/AFP)