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What is a global minimum tax and how could it affect companies, countries?
Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
Yellen said earlier this month that she is working with G20 countries to agree on a global minimum, which she said could help end a “30-year race to the bottom on corporate tax rates.”
WHY A GLOBAL MINIMUM TAX?
Major economies are aiming to discourage multinational companies from shifting profits – and tax revenues – to low-tax countries regardless of where their sales are made. Increasingly, income from intangible sources such as drug patents, software and royalties on intellectual property has migrated to these jurisdictions, allowing companies to avoid paying higher taxes in their traditional home countries.
What is a global minimum tax and how could it affect companies, countries: Here s an explainer indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
What is a global minimum tax and how could it affect companies, countries?
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Last Updated: Apr 14, 2021, 10:15 PM IST
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Synopsis
Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
Agencies
Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation.
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