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Secretary Yellen Says Consensus Is Near on International Corporate Tax Agreement

"Our mission with respect to international tax . . . is trying to design a global system that will arrest the race to the bottom in corporate taxation, will put tax shelters out of business, and enable all of us to fairly tax these corporations so that we get the revenues that are needed for everyone, including the corporations themselves."
Secretary of the Treasury Janet L. Yellen
"Our mission with respect to international tax . . . is trying to design a global system that will arrest the race to the bottom in corporate taxation, will put tax shelters out of business, and enable all of us to fairly tax these corporations so that we get the revenues that are needed for everyone, including the corporations themselves."
Secretary of the Treasury Janet L. Yellen

In remarks following the G20 Finance Ministers and Central Bank Governors meetings, Secretary of the Treasury Janet L. Yellen stated that 132 countries are coming to a consensus around a global corporate minimum tax rate of at least 15 percent.

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

Secretary Yellen noted that such an agreement would end "the race to the bottom" and would "give our nations the ability to raise the necessary funding for important public goods like infrastructure, R&D, and education."

Primary Sources

  1. Treasury Statement, Janet L. Yellen: Transcript of Press Conference Following The Close Of The G20 Finance Ministers and Central Bank Governors Meetings

Tags

Individuals
Janet L. Yellen
Body of Law
Tax
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
European Union , United States
Organization
Treasury / FinCEN / OFAC / CFIUS
Sub-Author
Treasury