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What is a global minimum tax and how could it affect companies, countries?
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Last Updated: Apr 14, 2021, 10:15 PM IST
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Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
Agencies
Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
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On March 31, the Biden administration unveiled a jobs and
infrastructure plan, the American Jobs Plan, to address the
nation s pressing infrastructure needs. The plan calls for
about $2 trillion in spending over eight years. To pay for these
expenditures, the plan also includes a proposed overhaul of the
corporate tax system that would increase the corporate tax rate and
the global minimum tax, eliminate federal tax benefits for fossil
fuel companies and strengthen enforcement against corporations.
While the proposed spending would be spread out over eight
Updated / Thursday, 8 Apr 2021
09:58
The US is working with G20 countries to agree on a global minimum corporate tax rate
US Treasury Secretary Janet Yellen has thrown the weight of the US government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
Yellen said this week that she is working with G20 countries to agree on a global minimum, which she said could help end a 30-year race to the bottom on corporate tax rates.
WHY A GLOBAL MINIMUM TAX?
Major economies are aiming to discourage multinational companies from shifting profits - and tax revenues - to low-tax countries regardless of where their sales are made. Increasingly, income from intangible sources such as drug patents, software and royalties on intellectual property has migrated to these jurisdictions, allowing companies to avoid paying higher taxes in their traditional home countries.
Explainer: What is a global minimum tax and how could it affect companies, countries? Leigh Thomas ,
By Leigh Thomas and David Lawder
PARIS/WASHINGTON (Reuters) - Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
Yellen said on Monday that she is working with G20 countries to agree on a global minimum, which she said could help end a 30-year race to the bottom on corporate tax rates.