Updates: 21.05.2021 10:59
Published: 21.05.2021, 10:59
WASHINGTON – The United States is proposing that companies around the world pay at least 15 percent income tax, but the final tax should still be higher. Thursday Announced U.S. Treasury Department. It seeks to implement programs that prevent competition between countries over who will receive the lowest taxes.
The ministry said the 15 per cent tax should be kept down and “discussions should be ambitious and the rate should move further”. U.S. companies now pay 21 percent income tax under the administration of former President Donald Trump. It was too high Rate 35 percent for businesses.
Incumbent U.S. President Joe Biden is working to increase taxes, and wants to increase it to 28 percent for companies. Increasing taxes on companies is also part of the Democratic-elected president’s plan To the people With higher income. But the White House is trying to involve other countries in its plans.
According to CNBC, Finance Minister Janet Yellen emphasizes the benefits At least Corporate tax rates apply globally. According to him, a minimum rate of reserve will encourage companies to shift taxation to other countries so that they can tax their profits less. Even though they have most of their operations in the United States, they make a lot of profit there. From 2014 to 2018, Yellen was head of the US Federal Reserve (Fed).
Under Yellen’s leadership, the Treasury believes, “The international tax structure must be strengthened, the global sports sector must be fair, and we must create an environment in which nations can work together to maintain our tax base and stabilize the world. The tax system is fair and can meet the needs of the global economy in the 21st century.” The ministry said in a statement.
Yellen sighed at the “global” race before this Below“He called on countries’ efforts to reduce taxes on companies in exchange for foreign companies, so he invested in such a country and provided employment to the people.
“The US State Department has made it clear that the global minimum corporate tax rate will ensure that the global economy benefits from better taxation conditions for multinational corporations and promotes innovation, growth and prosperity while promoting justice for the middle class and working people.” His representatives discussed these issues with the working group of the Organization for Economic Co-operation and Development (OECD).
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