China won’t benefit from ‘loopholes’ in global minimum tax plan, US Treasury Secretary Janet Yellen says
- Group of 7 (G7) finance officials on June 5 agreed to support a minimum corporate tax rate of at least 15 per cent, a move which was endorsed by G7 leaders on Sunday
- Finance officials from the Group of 20 (G20) major economies – which includes China – will focus on the US global minimum tax proposal when they meet in Venice in July
The United States will not agree to any type of special treatment for China or other countries that would weaken a global minimum tax regime, US Treasury Secretary Janet Yellen said on Wednesday.
We would not agree to any type of carve-out that would meaningfully weaken a robust global minimum tax regime. Not for China, not for other countries
She said she was hopeful Beijing would decide it was in its interest to support the plans – which calls for a global corporate minimum tax of at least 15 per cent – but made clear that Washington would not endorse a weak agreement.
“We would not agree to any type of carve-out that would meaningfully weaken a robust global minimum tax regime. Not for China, not for other countries,” Yellen told the Senate Finance Committee at a hearing.
“We want this to work and not be filled with loopholes.”
G7 finance officials on June 5 agreed to support a minimum corporate tax rate of at least 15 per cent, a move which was endorsed by G7 leaders on Sunday.
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