Germany's Scholz to discuss global corporate minimum tax in Washington
Reuters
Published Jun 28, 2021 11:41AM ET
BERLIN (Reuters) - German Finance Minister Olaf Scholz will travel to Washington later this week to meet senior members of the U.S. administration and discuss international efforts to introduce a global corporate minimum tax, a spokesman said on Monday.
Germany and the United States are trying to forge a broad coalition among the Group of 20 major economies (G20) to revamp international tax rules, including a global minimum corporate tax of at least 15% with as few exemptions as possible.
The Group of Seven (G7) wealthy, industrialised states agreed on June 5 to support a minimum corporate tax rate of at least 15% and how to share rights to tax the biggest companies operating across borders in their countries.
To make the plan work worldwide, the backing of G20 finance ministers during a meeting in Venice on July 9-10 is seen as crucial, and officials are now limbering up for a clash over exemptions and other carve-outs for specific industries and special economic zones, with China at the centre.
During his four-day visit in Washington from Wednesday until Saturday, Scholz is expected to meet U.S. Treasury Secretary Janet Yellen and other senior members U.S. President Joe Biden's administration.
Yellen has said she won't agree to any type of special treatment for China or other countries that would weaken a global minimum tax regime. Her talks with Scholz are likely to focus on where both countries see red lines and where they are willing to compromise to facilitate a G20 breakthrough.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.