Janet Yellen: US companies will support any global agreement on tax


U.S. Treasury Secretary Janet Yellen said U.S. companies could provide vital support to push members of Congress to support global reform of the corporate tax system, which would help overcome potential Republican opposition that could block Congress’ ratification of the deal agreed by the Group of 20 nations earlier this week. Setting a minimum tax of 15% for major corporations worldwide.
To the extent that Republicans are aligned with the business world and trying to protect corporate interests, my guess is that corporations will say to members of Congress please agree to this new tax deal, Bloomberg quoted Yellen as saying in Brussels, Belgium, at the conclusion of her visit to Europe.
The G20 finance ministers had agreed during two days of talks in the Italian city of Venice earlier this week to set a minimum tax rate for multinational companies.
131 countries agreed, in principle, to ensure a minimum corporate tax rate of at least 15 percent, as well as to ensure that large corporations pay taxes if they are sold. European Union member states, such as Ireland, Hungary and Estonia, have not yet acceded to this agreement.
While the agreement’s adoption has become a fait accompli after all the relevant G-20 nations of the Organization for Economic Co-operation and Development signed it last week, its formal approval will mark a milestone in the years-long talks.


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