G20 leaders endorse global corporate minimum tax deal at Rome summit
- The Group of 20 had already agreed on a 15 per cent minimum tax but it awaited formal endorsement at the summit in Italy
- The gathering also confronted a two-track global recovery and heard pleas to boost coronavirus vaccination rates in poor countries
Leaders of the world’s biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.
G20 finance ministers in July had already agreed on a 15 per cent minimum tax. It awaited formal endorsement at the summit on Saturday in Rome of the world’s economic powerhouses.
Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation”.
“Here at the G20, leaders representing 80 per cent of the world’s GDP – allies and competitors alike – made clear their support for a strong global minimum tax,” the president said in the tweet. “This is more than just a tax deal – it’s diplomacy reshaping our global economy and delivering for our people.”
