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October 10, 2021

Over 130 countries reach agreement on corporate minimum tax

By T. Thompson In Latest News with Comments Off on Over 130 countries reach agreement on corporate minimum tax

Over 130 countries reached a deal on a 15 percent minimum corporate tax rate to deter big global companies from stashing money in low-tax countries.

President Biden has been one of the driving forces behind the deal. A total of 136 countries came to the agreement, representing 90 percent of the global economy.

“Today’s agreement represents a once-in-a-generation accomplishment for economic diplomacy,” Treasury Secretary Janey Yellen said in a statement.

“Rather than competing on our ability to offer low corporate rates,” she added, “America will now compete on the skills of our workers and our capacity to innovate, which is a race we can win.”

The Paris-based Organization for Cooperation and Economic Development said that the minimum tax would net roughly $150 billion for governments.

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More than 130 countries reach deal on corporate minimum tax

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