US Working With G20 Countries On Global Minimum Corporate Tax - Yellen

Umer Jamshaid Published April 05, 2021 | 11:08 PM

The United States is working with the Group of 20 (G20) nations on a minimum corporate tax rate for the world to achieve prosperity and a level playing field for all, US Treasury Secretary Janet Yellen said during a live-streamed speech to the Chicago Council on Global Affairs on Monday

WASHINGTON (UrduPoint News / Sputnik - 05th April, 2021) The United States is working with the Group of 20 (G20) nations on a minimum corporate tax rate for the world to achieve prosperity and a level playing field for all, US Treasury Secretary Janet Yellen said during a live-streamed speech to the Chicago Council on Global Affairs on Monday.

"We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom," Yellen said. "Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity."

Yellen's remarks came on the heels of President Joe Biden's announcement last week that his administration will raise the corporate tax from 21 percent to 28 percent in an effort to fund his post-pandemic $2.

3 trillion infrastructure plan. Biden lamented that many companies were not paying their fair share of burden to lift the economy and some were not paying at all.

"It's important to work with other countries to end the pressures of tax competition and corporate tax base erosion," Yellen said. "It would be more efficient if the world's biggest economies enter an OECD agreement on corporate minimum tax."

The Organization for Economic Co-operation and Development (OECD) is comprised of the 37 mostly economically-advanced countries.

Yellen said she would use her participation in this week's International Monetary Fund and World Bank annual meetings to advance discussions on climate change, improve access to coronavirus vaccines and encourage countries to support a strong global recovery.