Yellen to urge global minimum company tax to stop venue-hopping

06 Avril, 2021, 00:33 | Auteur: Adelaide Bullion
  • Yellen calls for global minimum corporate tax rate in first major address as Treasury secretary

Citing a "thirty-year race to the bottom" in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said the Biden administration would work with other advanced economies in the G20 to set a minimum.

In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury Secretary, Yellen signaled stronger US engagement on issues from climate change to human rights to tax base erosion.

In a speech to the Chicago Council on Global Affairs on Monday, Yellen is expected to push for all other industrialized nations to raise their corporate tax rates to a minimum standard, as well, to ensure economic "competitiveness" worldwide.

Treasury Secretary Janet Yellen will reportedly call for a global minimum corporate tax rate to prevent US companies from relocating offshore in response to the Biden administration's forthcoming tax hikes, Axios reported on Monday.

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They say Canada will likely benefit if it can work with the United States on a global reform of tax rates so corporations can't play one country off against another by threatening to change locations. Many analysts have argued, however, that few large US multinationals paid the full tax.

The Biden plan proposes a 21% minimum corporate tax rate, coupled with eliminating exemptions on income from countries that do not enact a minimum tax.

Without a global minimum, the United States would again be at a disadvantage to a number of other major economies with lower tax rates, tax experts say, with USA commitment helping to jump start negotiations for a tax deal among a number of major economies.

The new Treasury chief said it was important to "end the pressures of tax competition" and make sure governments "have stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government".

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