U.S. Treasury Department proposes a global corporate income tax

U.S. Treasury Department proposes a global corporate income tax

The US Treasury Department has proposed to introduce a global corporate income tax of at least 15%.

The proposal was announced in the framework of negotiations on the international tax architecture, which is led by the G20 and the Organization for Economic Cooperation and Development (OECD).

“…now that the global corporation tax is in practice set at zero, corporate taxes are being lowered more and more, undermining the ability of the United States and other countries to collect taxes necessary for critical investments,” the Justice Department said in a statement.

The Ministry also stressed that 15% is the lowest possible rate and that it is necessary to continue discussions to increase it.

Earlier it became known that US President is going to increase taxation of the richest Americans who earn more than $400 thousand a year and increased their wealth during the pandemic. According to the president, according to a recent study, 55 of the largest US corporations did not pay federal income tax in 2020.

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