G7 Backing for Global Min Tax
25 May 2021
U.S. Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington`s proposed 15%-plus global minimum corporate tax, which should help solidify support in the U.S. Congress for domestic corporate tax legislation. Optimism about a long-sought comprehensive deal for how to tax the largest multinationals and digital services companies has increased since the Treasury last week said it would accept a global minimum tax rate of 15% or higher. The rate is well below the Biden administration`s proposed 21% minimum rate for U.S. companies` overseas income and its 28% proposed domestic corporate tax rate. The Financial Times on Thursday reported that G7 countries are close to agreement on the corporate taxation of multinational firms. While the talks are taking place among nearly 140 countries through the Organization for Economic Cooperation and Development (OECD), G7 countries -- the United States, Japan, Germany, Britain, France, Italy and Canada -- have a strong influence over multilateral decisions. By the time of a G20 finance leaders meeting in Venice in July, there should be a good sense of unity around a global minimum tax structure, Adeyemo said. He added that there would be many technical details to work out, so a final agreement may have to wait until G20 leaders meet in Rome at the end of October. Reuters
Frances Jones
frances72@example.comThere are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form
Comments
Post a Comment
Latest posts
-
25 May 2021G7 Backing for Global Min Tax
-
15 Feb 2022Russia - Ukrania & Fed
-
15 Feb 2022Rusia - Ukrania Tension
-
18 Feb 2022cryptocurrency For US
In a free hour, when our power of choice is untrammelled and when nothing prevents our being able to do what we like best, every pleasure is to be welcomed and every pain avoided
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat