US Treasury: G7 might back a 15 percent-plus global minimum tax

It’s a move towards a long-sought comprehensive deal on how to tax the largest multinationals and digital services firms.

US Treasury Deputy Secretary Wally Adeyemo has said he expects strong backing from G7 peers for Washington’s proposed 15 percent-plus global minimum corporate tax, which should help solidify support in the US Congress for domestic corporate tax legislation. “My sense is that you’re going to see a lot of unified support amongst the G7 moving forward,” Adeyemo told Reuters on Monday after France, Germany, Italy and Japan made positive comments about the Treasury’s proposal. That support may be voiced at an in-person meeting of G7 finance ministers in London on June 4-5, Adeyemo said.