7.6.21
Reuters reports U.S. Treasury Secretary Janet Yellen is expected to push for a global minimum corporate tax rate above the 15% that was previously agreed to by 130 countries last week. The deal is widely expected to be endorsed by G20 finance leaders when they meet this weekend in Venice, Italy for the International Conference on Climate. However, a rate decision is not expected until future phases of negotiations with an aim for completion by the G20 leaders’ summit in October. According to Treasury officials, the development of the global minimum tax rate will be directly tied to the outcome of legislation regarding the U.S. minimum tax rate which the Biden Administration is pushing to raise to 28% from 21%.