G20 leaders have formally endorsed the global agreement for a minimum 15 percent corporate tax, US Treasury Secretary Janet Yellen said on Saturday, hailing it as a “historic” step.
“Today, every G20 head of state endorsed an historic agreement on new international tax rules, including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” she said.
Yellen said the endorsement of the minimum tax would help US businesses and workers, even though the deal also means that many US-based companies, like the Internet giants, will be paying more tax than now.
“This deal will remake the global economy into a more prosperous place for American business and workers,” Yellen said in a statement.
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