Yellen to press G20 for higher minimum corporate tax rate

US Treasury Secretary Janet Yellen is expected to press her G20 counterparts for a global minimum corporate tax rate above the 15 percent floor to which 130 countries agreed last week.

United States Treasury Secretary Janet Yellen will press Group of 20 (G20) counterparts this week for a global minimum corporate tax rate above the 15 percent floor to which 130 countries agreed last week, but a rate decision is not expected until future phases of negotiations, US Department of the Treasury officials said on Tuesday. The specific rate, and potential exemptions, are among issues still to be determined after 130 countries reached a historic agreement at a Paris-based Organisation for Economic Co-operation and Development (OECD) meeting last week. The countries outlined a global minimum tax and the reallocation of taxing rights for large, highly profitable multinational firms.