Sunday, October 24, 2021

US Treasury’s Yellen seeks October agreement on global minimum corporate tax

WASHINGTON: US Treasury Secretary Janet Yellen said on Tuesday that she is looking for G20 countries to reach a political agreement on a global minimum corporate tax deal at their summit in October and will not rule out a rate of more than 15 percent. has done.

Yellen, speaking to the National Association for Business Economics, said the Senate Finance Committee is looking at a “slightly higher” foreign minimum corporate tax rate than the 16.5 percent passed by the House of Representatives Ways and Means Committee.

“We will see where this all shakes out, but my hope is that when the reconciliation (law) is passed, we will come into compliance with this regime, and we are finally looking for a political settlement at the G20 summit.” October, and then countries will implement it quickly,” Yellen said.

Some 134 countries agreed to support a global minimum tax of at least 15 percent over the summer, but lower-tax Ireland has held off on backing the deal as it waits to see if the US Congress Accepts the Biden administration’s proposed tax increase on corporations and wealthy Americans.

Read Also:  US Treasury Yellen: Debt defaults 'permanently weaken' US

Yellen said she was optimistic that Ireland and other European holdout countries would eventually join the Organization for Economic Co-operation and Development (OECD) tax deal.

Ireland has had a 12.5 percent corporate tax rate for years that has led to Alphabet Inc’s Google and Apple Inc. Attracted investment from large US multinational companies like

“I think they think it’s an existential question, but I believe they will eventually come to terms with it,” Yellen said.

“There are some other holdouts, Estonia and Hungary, and we’re working really hard to find ways to get them on board, so I’m very optimistic that it will happen.”

by David Lauder

Follow

.

This News Originally From – The Epoch Times

Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -