US Treasury Secretary Janet Yellen celebrated an “unprecedented” agreement reached within the G7 for global tax reform as it gives a “massive boost” to the goal of a minimum corporate tax target of 15%.
The agreement, announced by the British Economy Minister, Rishi Sunak, came within the framework of the meeting of the most developed economies in the world being held in London.
In a statement, Yellen stressed that the “relevant and unprecedented settlement” reached by the G7 ministers “provides a massive boost to achieving a global minimum tax of at least 15%.”
The administration of the President of the United States, Joe Biden, has been one of the main advocates of the proposal.
In Yellen’s view, this lower global rate would “end the race to the bottom” on corporate tax, and ensure a “fair” deal for the middle class and workers in the United States and around the world.
Similarly, the US Treasury Secretary noted that the measure would help “boost the economy, by providing a balanced playing field for business and encouraging countries to compete on positive grounds, such as education, workforce training, investment in research and infrastructure development.”
The G7 consists of the United States, the United Kingdom, Germany, France, Canada, Italy and Japan.