Published April 7, 2021, 3:02 PM
WASHINGTON (AFP) – Proposed by the United States, supported by the IMF and welcomed by major economies including France and Germany, a global minimum tax rate on corporations is gathering momentum toward becoming a reality.
In this file photo a jogger runs past an International Monetary Fund headquarters(IMF) building in Washington, DC on April 5, 2021. (AFP)
The reform aimed at ending tax competition between countries and the use of tax havens by companies will be on the agenda of G20 finance ministers when they meet virtually on Wednesday, and the group could unveil a proposal by July.
The idea has been promoted by the Organization for Economic Co-operation and Development but received a fresh boost this week when US Treasury Secretary Janet Yellen said she would push for an agreement among the advanced economies in the G20.
World leaders are making progress on a huge global tax overhaul
For years, world leaders have been trying to launch a historic overhaul of global tax rules, aiming to tackle an unwieldy system rife with loopholes
long exploited by big business. That goal may finally be in sight.
The Biden administration’s decision to back a global minimum corporate tax rate while it pushes a massive $2 trillion infrastructure package in the United States has ignited hopes that a long-elusive agreement can be reached this summer.
“What we see this year is an acceleration in the process,” Italian Finance Minister Daniele Franco told reporters following a meeting of G20 finance ministers and central bank governors on Wednesday. He said the group is working to come to an agreement by July.
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