Secretary Yellen Says Near Consensus On International Corporate Tax Agreement – Taxation

United States: Secretary Yellen says consensus is near on international agreement on corporate taxation

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In her remarks following the meetings of G20 finance ministers and central bank governors, Treasury Secretary Janet L. Yellen declared that 132 countries reach consensus around a minimum global corporate tax rate of at least 15%.

Secretary Yellen said such a deal would likely dismantle the existing digital services tax and proposed new online sales taxes. She added, however, that it would be up to the European Commission and members of the European Union to decide how to proceed with the sales tax.

Secretary Yellen noted that such an agreement would end “the race to the bottom” and “give our nations the capacity to raise the funds needed for important public goods like infrastructure, R&D and education.”

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