Yellen calls for global minimum corporate tax

07 Avril, 2021, 00:33 | Auteur: Auguste Feret
  • Biden admin to call for worldwide tax hike so that US businesses don’t leave country following its corporate tax increase

"Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth and prosperity", Yellen said during an online interview with the Chicago Council on Global Affairs.

The new US Treasury Secretary's statement goes hand in hand with Biden's plans to raise the domestic corporate tax rate from 21% to 28% to fund his administration's $2.3 trillion infrastructure plan.

Biden's plan would raise the U.S. corporate tax to 28% and the minimum for multinationals to 21%, partially reversing the previous administration's cut from 35% in its 2017 tax legislation.

Biden said that he is going to push as hard as he can to change the circumstances so the U.S. can compete with the rest of the world. White House Press Secretary Jen Psaki told reporters that the corporate tax rate being proposed is lower than it was in 2017.

"An agreement on global taxation is now within reach", he said. The update expressed Canada's concern about the lack of consensus and said Ottawa would act on its own in 2022 with a tax on corporations providing digital services if no global deal is reached. The Liberals have not announced any plans to alter the federal corporate tax rate. "Not at all", Biden said, asserting that there is no evidence of that.

The corporate tax hikes in the USA and Britain are being presented as an effort to raise billions in revenue to help offset the cost of pandemic-related support programs and stimulus spending.

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The interconnected global economy has led to "a thirty-year race to the bottom on corporate tax rates". Canada's corporate tax rate steadily declined during the period from 1980 to 2015, yet research found corporate tax revenues did not follow the same downward trend.

The average corporate income tax rate across 117 nations is 23.85%, according to the Tax Foundation, a think tank.

Last month, The Washington Post reported that Yellen was working with her counterparts worldwide, including finance ministers in Germany and France, to push her global minimum tax agenda.

She said that for companies and economies to remain competitive it was important to "end the pressures of tax competition and corporate tax base erosion". "It is a big concern of ours". "We are very much in favour of a global minimum corporate tax".

"We are delighted by the USA support for a minimal corporate tax", French Finance Minister Bruno Le Maire told AFP.

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