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Yellen calls for global minimum corporate tax rate at top key address as Treasury Secretary

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“We are working with the G20 nations to agree on a global minimum corporate tax rate that can stop the race in the end. Together, we can use the global minimum tax to ensure that the global economy thrives.” based on a more equal playing field in the taxation of multinational corporations and fosters innovation, growth and prosperity, “Yellen said in a speech to the Chicago Council on Global Affairs.

“Competition has more to do with how US-based companies compete against other companies in global mergers and acquisitions,” she said in remarks, which represented her first major speech as secretary of the Treasury. .

“It is about ensuring that governments have sound tax systems that raise enough revenue to invest in essential public goods and respond to crises, and that all citizens share the burden of government funding fairly. “

President Joe Biden’s infrastructure proposal, dubbed the American Work Plan, will raise the minimum tax for American corporations to 21% and calculate it on a country-by-country basis to prevent companies from harboring profits in international tax havens.

The plan will also increase the corporate income tax rate to 28%, from 21%. The rate had been up to 35% before former President Donald Trump and Republican Republicans cut taxes in 2017.

Yellen had previously called for a global minimum corporate tax rate, including during its confirmation process earlier this year, when she told a Senate panel that if confirmed, it will work “with our allies in a global tax regime that protects American competition by ensuring that corporations pay their fair share.”
The issue has been discussed in recent years by members of the Organization for Economic Co-operation and Development, including in 2019, when several finance ministers discussed a possible plan that would, among other things, ensure that multinational companies pay a minimum level of tax, thus discouraging them from shifting profits to countries with lower tax rates. However, the plan was never realized.

This story has been updated.

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