International News Jun 5, 2021 6:39 PM EST

Biden admin gets G7 to agree to 15 percent minimum corporate tax

The seven finance ministers from the G7 nations on Saturday have agreed to back the Biden administration plan for a minimum corporate tax of 15 percent in their respective nations.

Biden admin gets G7 to agree to 15 percent minimum corporate tax
James Anthony Montreal QC
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The seven finance ministers from the G7 nations on Saturday have agreed to back the Biden administration plan for a minimum corporate tax of 15 percent in their respective nations.

Janet Yellen, the US Treasury Secretary, sat down with the relevant people from Japan, the UK, Italy, Germany, Canada and France in London for a summit, and submitted her proposal, which was agreed upon by all present.

According to RT, this historic agreement represents the first step in getting other nations aboard, to prevent multinational corporations shopping around for the lowest taxes, and to make sure they pay a minimum no matter where they go.

It should be noted that all of the G7 nations currently tax corporations at a rate significantly higher than the proposed 15 percent in the agreement. The US, for example, currently has a corporate tax rate of 21 percent, and is considering raising it dramatically to 28 percent.

These recently agreed-upon measures on Saturday are meant to serve as a foundation for a similar measure to be proposed and possibly enacted at the G20 summit, which is due to take place in Jul. 2021 in Venice, Italy.

Many countries have already objected strongly to the measure, however. Ireland's Finance Minister, Paschal Donohoe, has stated that Ireland has "significant reservations" about such a measure, saying that the measure will disproportionately benefit the larger countries with bigger economies. Ireland currently has a corporate tax rate of 12.5 percent.

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