Sumary of White House says G7 leaders will endorse proposed 15% global minimum corporate tax:
- President Joe Biden proposal for global minimum tax of at least 15% on corporations, White House national security adviser Jake Sullivan said on Twitter on Friday..
- “America is rallying the world to make big multinational corporations pay their fair share so we can invest in our middle class at home,”.
- By supporting the move, major economies are aiming to discourage multinationals from shifting profits – and tax revenues – to low-tax countries regardless of where their sales are made..
- Current global tax rules date back to the 1920s and struggle with multinational tech giants that sell services remotely and attribute much of their profits to intellectual property held in low-tax jurisdictions….