Germany to push drive on common corporate tax in US meetings

high rise buildings
Reading Time: < 1 minute

German Finance Minister Olaf Scholz will travel to Washington later this week to meet senior members of the U.S. administration and discuss international efforts to introduce a global corporate minimum tax, a spokesman said on Monday.

Germany and the United States are trying to forge a broad coalition among the Group of 20 major economies (G20) to revamp international tax rules, including a global minimum corporate tax of at least 15% with as few exemptions as possible.

The Group of Seven (G7) wealthy, industrialised states agreed on June 5 to support a minimum corporate tax rate of at least 15% and how to share rights to tax the biggest companies operating across borders in their countries.

To make the plan work worldwide, the backing of G20 finance ministers during a meeting in Venice on July 9-10 is seen as crucial, and officials are now limbering up for a clash over exemptions and other carve-outs for specific industries and special economic zones, with China at the centre.

During his four-day visit in Washington from Wednesday until Saturday, Scholz is expected to meet U.S. Treasury Secretary Janet Yellen and other senior members U.S. President Joe Biden’s administration.

via Reuters