US Treasury’s Yellen Seeking October Agreement on Global Minimum Corporate Tax

WASHINGTON—U.S. Treasury Secretary Janet Yellen said on Tuesday she is looking for G20 countries to reach political agreement on a global minimum corporate tax deal at their summit in October and has not ruled out a rate higher than 15 percent. Yellen, speaking to the National Association for Business Economics, said the Senate Finance Committee is looking at a “slightly higher” overseas minimum corporate tax rate than the 16.5 percent passed by the House of Representatives Ways and Means Committee. “We’ll see where it all shakes out, but my hope is that when reconciliation (legislation) passes, we will come into compliance with this regime, and we’re looking for political agreement to be achieved at the G20 summit at the end of October, and then countries will quickly put this into place,” Yellen said. Some 134 countries agreed over the summer to support a global minimum tax of at least 15 …Read More

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