The US Treasury said it was encouraged by the positive response and “the unprecedented progress towards imposing a global minimum corporate tax.” The global race for the lowest tax rate, at which most countries are losing, must end. This, she said, would lead to a fairer tax system and improved revenue to enable significant investments.
US Treasury Secretary Janet Yellen had spoken in favor of imposing a global minimum tax in early April and wanted to promote it within the G20 framework. Yellen said the goal is not to undermine each other when dealing with companies. The previous administration of then-President Donald Trump rejected efforts to set a minimum global tax rate. She feared that this would put American international companies in a worse position.
In the opinion of the critics, many international companies use all legal options to transfer profits around the world as required and thus to pay the least amount of taxes possible. Another source of concern is the fact that many companies, which are mainly active online, pay very little taxes in the markets they serve.
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