Treasury Secretary Janet Yellen has confirmed that leaders of the world’s 20 biggest economies (G20) have endorsed a “historic agreement” on new international tax rules, including a global minimum corporate tax. A senior White House official told reporters on Friday that G20 leaders would this weekend formalize their endorsement of a deal establishing a global minimum corporate tax rate of 15 percent. According to draft conclusions of the two-day G20 summit, held in Rome, Italy, the rules will enter into force in 2023, states the draft joint communique, which is expected to be formally adopted on Sunday, Reuters reported. President Joe Biden, who traveled to Rome for the summit, wrote on Twitter that G20 leaders “made clear their support for a strong global minimum tax,” calling it “more than just a tax deal—it’s diplomacy reshaping our global economy and delivering for our people.” The Biden administration pushed the global minimum tax as …
G20 Leaders Endorse Global Minimum Corporate Tax
October 30, 2021
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