White House urges more countries to sign 15% global corporate tax pledge
Reuters
Published Jul 02, 2021 02:01PM ET
Updated Jul 02, 2021 07:35PM ET
By Andrea Shalal
WASHINGTON (Reuters) -White House economic adviser Brian Deese on Friday said the United States was still working to get more countries to join an agreement signed this week by 130 countries backing a global corporate minimum tax of at least 15%.
The deal will help create momentum for President Joe Biden's push to increase corporate tax rates at home, while helping to raise revenue needed for a variety of investments, Deese told reporters at the White House.
Officials from 130 of the 139 countries taking part in talks lead by the Organization for Economic Cooperation and Development on Thursday agreed to the broad overhaul of rules for taxing international companies.
Among the holdouts were Ireland, Hungary and Estonia - all members of the European Union that have sought to attract investment with low tax rates.
"This is a process," Deese said. "We've going to keep working at it. We're not there. This is a milestone in the process, but a real strong signal of momentum toward the ultimate goal."
German Finance Minister Olaf Scholz told reporters after a meeting with U.S. Treasury Secretary Janet Yellen that he expected rapid implementation of the global tax deal by the EU despite the refusal of several members to sign the deal.
"I am optimistic," he said, adding that he expected the Group of 20 major economies to join the Group of Seven (G7) nations in endorsing the plan at next week's G7 finance officials meeting in Venice.
The OECD said an implementation plan and other remaining issues will be finalized by October, with the deal expected to be implemented in 2023, according to the OECD.
The head of the International Monetary Fund, Kristalina Georgieva, on Thursday also urged holdout countries to join the deal, saying it would be in their own interest to do so.
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.