5/4, 5:47 PM (Source: TeleTrader)
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UK open to global minimum corporate tax rate - Sunak

United Kingdom Treasury Chief Rishi Sunak said on Tuesday that the British government is open to the United States proposal for a global minimum corporate tax rate. However, he added that the agreement should include a fair split of tax take from American tech giants.

Speaking at The Wall Street Journal's CEO Council Summit Sunak agreed that setting the minimum bar worldwide would limit the opportunity for multinational giants to minimize their tax bills by basing themselves in low-tax countries, even if most of their activities are carried out elsewhere.

The proposal originally came from the US Treasury Secretary Janet Yellen, who supported the increase of corporate taxes in order to fund America's ambitious infrastructure bills, but she also believes that a global minimum corporate tax rate will keep US companies and the jobs they create inside the country.

Breaking the News / LH