Leaders Celebrate Announcement of Global Minimum Corporate Tax Rate

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Global authorities celebrated Thursday, 1st, the US government along with the Organization for Economic Co-operation and Development (OECD) announced a global minimum corporate tax of 15%. On the occasion, US Treasury Secretary Janet Yellen described it as “a historic day for economic diplomacy” and years of conflict with countries that cut their corporate tax rates the most, she tweeted. written on.

Yellen said, “No one has won this race. Low tax rates have not only been able to attract new businesses, they have also helped deprived countries of funding for critical investments such as infrastructure, education and efforts to fight the pandemic.” also denied.” The secretary recalled that more than 90% of global GDP is covered by the agreement that includes 130 countries, and the US will now be able to compete in a better position.

French President Emmanuel Macron said fair taxation on multinationals has been his government’s endeavor in recent years. With the proposal having been first settled within the framework of the G7, the French wrote on his Twitter that “we are no longer seven, but 130 countries committed to a world minimum rate of at least 15% under the coordination of the OECD”.

UK Treasury Secretary Rishi Sunak indicated that at the G7 “we have reached a historic deal for multinational technology giants to pay the right taxes in the right countries.” Now 130 countries around the world, “including the entire G20, are now marking another step in our mission to reform global taxes,” he wrote on Twitter.

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The President of the Government of Spain, Je Pedro Sánchez, said that in the country it had always been believed that “the future is built with a society that leaves no one behind”, and called the ad a “great social progress”.

The European Commissioner for Economics, Paolo Gentiloni, wrote that “a historic step has been taken today towards fair taxation of multinationals”. The Italian indicated on his Twitter that he is confident the G20 will “support this unprecedented agreement in Venice next weekend”, where the group’s meeting with economic officials will take place.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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