G20 leaders back Global Minimum Tax to close off corporate tax havens
During the first day of the Rome G20 summit, leaders of the world’s 20 biggest economies formally endorsed a revamping of international corporate tax rules which is aimed at preventing corporations from seeking foreign tax havens.
The agreement has been a major goal of the Biden administration and is considered an essential part of President Biden and Democrats’ plans to raise more revenue from taxes in the U.S.
The deal, backed by nearly 140 countries worldwide, would set a global minimum tax of 15 percent and require large multinational companies to pay taxes in the countries where they do business.
According to the Hill, that would generate $60 billion or more in additional revenue annually in the U.S. alone.
The new rule will be formalized when the leaders release a final G20 communiqué on Sunday, when the summit ends.
At: https://nymag.com/intelligencer/2021/10/g20-leaders-back-global-minimum-tax-to-close-off-tax-havens.html
President Joe Biden arrives at this year's G20 summit in Rome earlier today.
The Global Minimum Tax on corporations has been a key goal of the Biden administration, and numerous other G20 leaders - though passage in Congress remains uncertain, and its enforcement among the world's myriad tax havens daunting.
