Yellen to press G20 for minimum tax rate above 15%, U.S. Treasury officials say

FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool via REUTERS

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen will press G20 counterparts this week for a global minimum tax rate above the 15% floor agreed by 130 countries last week, but a decision is not expected until future phases of OECD negotiations, U.S. Treasury officials said on Tuesday.

Yellen is also working with the U.S. Senate Finance Committee and the House Ways and Means Committee to include provisions in budget reconciliation legislation to implement the international tax agreements, including a reallocation of taxing rights for large multinational corporations, the officials told a news briefing.

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