G20 world leaders have endorsed a global minimum tax on corporations as part of an agreement on new international tax rules.The move by the leaders of the world’s biggest economies is a step toward building more fairness amid the surging revenues of some multinational businesses.
US treasury secretary Janet L Yellen hailed it as benefiting American businesses and workers.Back in July, G20 finance ministers agreed on a 15% minimum tax – so its formal endorsement at the summit on Saturday in Rome of the world’s economic powerhouses had been expected.
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(L-R) Boris Johnson, Emmanuel Macron, Angela Merkel and Joe Biden at the G20 summit
In a statement, Ms Yellen predicted that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation”.
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