Multinationals will pay 10% more under reform plan, IMF says Washington-based fund says minimum rate of corporate tax will also mobilise revenue
about an hour ago
A global minimum corporate tax rate could boost the effective tax rates paid by multinational firms by as much as 10 per cent, a study by the International Monetary Fund (IMF) has concluded.
In a new report, the Washington-based fund described proposals for a new global minimum rate of 15 per cent agreed by G7 finance ministers at the weekend as “historic” and an important step forward on the road to corporate tax reform.
It said a minimum rate would help to reverse nearly four decades of falling global corporate tax rates while “mobilising revenue” for cash-strapped countries in the wake of the pandemic.
G7 tax deal faces opposition in US Congress Republicans say accord harms US competitiveness and fails to solve battle over digital taxes
about an hour ago Aime Williams in Washington
President Joe Biden’s plan to overhaul the international tax system will face a difficult passage through the US congress as Republicans threaten to vote down a prospective deal in a senate where a two-thirds majority is necessary for approval. Photograph: AFP/Getty Images
President Joe Biden’s plan to overhaul the international tax system will face a difficult passage through the US congress as Republicans threaten to vote down a prospective deal in a senate where a two-thirds majority is necessary for approval.