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

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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, US, September 28, 2021. Kevin Dietsch/Pool via REUTERS
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WASHINGTON (Businesshala) – US Treasury Secretary Janet Yellen said on Tuesday that she is looking for G20 countries to reach a political agreement on a global minimum tax deal at the G20 summit in October and that she has committed more than 15%. Rate is not ruled out.

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

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“We will see where this all shakes out, but my hope is that when the reconciliation (law) is passed, we will come into compliance with this regime, and we are finally looking for a political settlement at the G20 summit.” October, and then countries will implement it quickly,” Yellen said.

Reporting by David Lauder

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