Tuesday, April 06, 2021
For international companies
USA demands worldwide minimum tax
The US wants to put an end to the race for the lowest tax rate for global corporations: The leading economies should adopt a global minimum tax, said Finance Minister Yellen. A digital tax for Amazon, Apple and Co. is also under discussion again.
US Treasury Secretary Janet Yellen has spoken out in favor of introducing a global minimum tax for international companies. The US worked with the G20 group of leading economies to find consensus on this, Yellen said. The goal is not to undercut each other when dealing with the corporations.
“Together we can use a global minimum tax to ensure that the world economy flourishes based on a level playing field for international companies,” Yellen said in a speech. “That boosts innovation, growth and prosperity.”
The former US administration of President Donald Trump had rejected efforts to establish a global minimum tax for international corporations. She feared that this would put international US corporations in a worse position.
Trump was also against a digital tax, especially demanded in Europe, for Internet companies such as Amazon, Google or Apple. The new administration of US President Joe Biden is also open to this and is relying on a compromise solution within the framework of the negotiations of the Organization for Economic Cooperation and Development (OECD). According to European critics, US corporations pay too little taxes in the markets they serve.
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