France, Germany push for 'historic agreement' on global corporate tax rate

German Finance Minister and Vice-Chancellor Olaf Scholz (L) and French Finance Minister Bruno Le Maire (on display) give a joint press conference at the Federal Ministry of Finance in Berlin

France and Germany pushed for a ‘historic’ agreement among major economies on a minimum tax rate for multinational corporations Wednesday, hoping to shore up support after sceptical European countries expressed opposition to the plan. Spearheaded by US President Joe Biden, the proposal for a 15 percent minimum tax rate has hit turbulence after Ireland's finance minister expressed ‘significant reservations’ over it. ‘The change of (US) administration offers a historic opportunity... and we have to seize opportunities when they present themselves. It's now. It's now that we must act,’ insisted French Finance Minister Bruno Le Maire at a joint press conference ahead of the upcoming Franco-German Economic and Financial Council. His German counterpart Olaf Scholz said he was ‘optimistic’ about the chances of sealing an agreement he said would end ‘disastrous fiscal competition’ between countries.