France, Germany push for ‘historic agreement’ on global corporate tax rate
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PARIS, May 27, 2021 (BSS/AFP) – France and Germany pushed for a “historic” agreement among major economies on a minimum tax rate for multinational corporations Wednesday, hoping to shore up support after sceptical European countries expressed opposition to the plan.
Spearheaded by US President Joe Biden, the proposal for a 15 percent minimum tax rate has hit turbulence after Ireland’s finance minister expressed “significant reservations” over it.
“The change of (US) administration offers a historic opportunity… and we have to seize opportunities when they present themselves. It’s now. It’s now that we must act,” insisted French Finance Minister Bruno Le Maire at a joint press conference ahead of the upcoming Franco-German Economic and Financial Council.
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France, Germany push for historic agreement on global corporate tax rate
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5/21/2021 8:21:13 AM GMT | By Dhwani Mehta
“Global corporate minimum tax rate of 15% is very realistic,” Germany’s Finance Minister Olaf Scholz said in a statement on Friday.
Additional quotes
“Suggestion of global minimum corporate tax rate of 15% is big progress.”
“Global corporate minimum tax rate of 15% is very realistic.”
Separately, French Finance Minister Bruno Le Maire said that the latest US proposal on global minimum taxation could be a basis for compromise.
He added that “we need an agreement on global tax reform at beginning of July.”
Market reaction
EUR/USD was last seen trading at 1.2220, bouncing off daily lows of 1.2210 on upbeat Eurozone PMIs.