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.
For the latest headlines, follow our Google News channel online or via the app.
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.
Read more: G20 leaders find agreement on global minimum corporate tax deal
-
US, European leaders express ‘grave, growing concern’ over Iran
The leaders of the United States, Germany, France, and Britain on Saturday expressed their “grave and growing concern” at Iran’s nuclear activities, ... Middle East -
G20 leaders find agreement on global minimum corporate tax deal
Leaders of the world’s 20 biggest economies (G20) will endorse an OECD deal on a global minimum corporate tax of 15 percent, draft conclusions of the ... Economy -
Climate, COVID-19, and corporate tax tops G20 agenda in Rome
The leaders of the world’s economic powerhouses gathered Saturday for the first in-person summit since the coronavirus pandemic, with climate change, ... World News -
Biden to meet with pope, push for global minimum tax at G20 in Rome
President Joe Biden will meet with Pope Francis on Oct. 29 before attending a two-day summit of G20 leaders in Rome where he hopes to reach agreement ... World News -
India joins global consensus framework headed by US to tax multinational firms
India has joined a global consensus framework deal to tax multinational companies, the government said on Friday, an effort backed by the United ... Economy -
G7 global tax plan won’t ‘break the camel’s back’ in GCC states: Experts
Earlier this month, the G7 announced an unprecedented plan to cooperate on taxing multinational companies in a bid to put an end to tax abuse. The ... Gulf -
G7 nations sign landmark global agreement to make tech giants pay fair taxes
The world’s richest countries signed a landmark global agreement Saturday to confront tax avoidance and make sure that giant tech companies pay their ... Economy -
Washington pushing G20 for global minimum corporate tax: US Treasury Secretary Yellen
The United States is pushing in the G20 for agreement on a global minimum corporate tax to stem the erosion of government revenues, US Treasury ... Economy -
France hails US policy shift on global digital tax
France on Wednesday hailed a “real change” in Washington after US president-elect Joe Biden’s administration expressed support for a proposed global ... Technology