U.S. Treasury’s Yellen seeking October political agreement on global minimum tax

Economy34 minutes ago (Sep 28, 2021 04:22PM ET)

(C) Reuters. Treasury Secretary Janet Yellen testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021. Kevin Dietsch/Pool via REUTERS

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Tuesday she is looking for G20 countries to reach a political agreement on a global minimum tax deal at the G20 summit in October and has not ruled out a rate higher than 15%.

Yellen, speaking to the National Association for Business Economics, said that the Senate Finance Committee is looking at a “slightly higher” overseas minimum corporate tax rate than the 16.5% passed by the House Ways and Means Committee.

“We’ll see where it all shakes out, but my hope is that when reconciliation (legislation) passes, we will come into compliance with this regime, and we’re looking for political agreement to be achieved at the G20 summit at the end of October, and then countries will quickly put this into place,” Yellen said.

U.S. Treasury’s Yellen seeking October political agreement on global minimum tax

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