General
Multinational tax avoidance ‘scam’ targeted by Joe Biden, Janet Yellen with ‘global minimum tax’
This week, the United States signalled a major shift on tax policy.
Treasury Secretary Janet Yellen told the Chicago Council on Global Affairs there had been a “30-year race to the bottom on corporate tax rates”.
The United States, she said, was now “working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom”.
This idea, which aims to discourage multinational companies from shifting profits to low-tax countries (regardless of where their sales are made), has been floating around for some time.
Reuters: Kevin Lamarque
)But with the US on board, it could finally end an impasse on how to…
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