A White House summary of the Biden tax plan says the US minimum tax on USA corporations would be calculated "on a country-by-country basis so it hits profits in tax havens".
Just days after President Joe Biden announced plans to raise corporate taxes to finance a massive $2 trillion infrastructure and jobs program, Yellen said a collective global effort would end the "race to the bottom" on taxation.
Yellen will say the U.S. is working with G-20 nations to find an appropriate minimum "that can stop the race to the bottom". In a budget last month, Britain announced its first corporate tax hike in decades, pledging to increase the rate to 25 per cent from 19 per cent. It's now down to 21 per cent.
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In Treasury Secretary Janet Yellen's first major worldwide policy speech, she said the Biden Administration is committed to restoring US leadership in the multilateral system. "The idea here you have 51 or 52 corporations of the Fortune 500 haven't paid a single penny in taxes for three years". "It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government".
Yellen's speech came as representatives from the United States, Canada and other countries prepare for this week's meetings of the International Monetary Fund and the World Bank.
The countries are racing to agree a minimum corporate tax by mid year as part of negotiations to update the rules for taxation of cross-border commerce for the first time in a generation. France is gradually lowering its rates, with large corporations that have revenue over 250 million Euros (around 295 mln USA dollars) having to pay 31% in the fiscal year which started in January 2020, and 27.5% in 2021.
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Le Maire said France also hoped to make progress with Yellen on a global digital tax agreement this summer. "In fact, it's lower than it was from World War Two until 2017". In mainland China, the standard corporate income tax rate is 25%, with several exceptions, mainly for hi-tech companies and enterprises engaged in pollution prevention, where even lower rates are applied, which makes the country an even more competitive environment in terms of taxation.
The most evident immediate example is the need to address global health risks. "We're working with our partners to enhance pandemic preparedness against future shots".
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