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6/5, 2:03 PM (Source: TeleTrader)
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Yellen: Minimum global tax will ensure fairness

United States Treasury Secretary Janet Yellen hailed on Saturday the Group of Seven's (G7) support for her country's President Joe Biden's proposal of a minimum global corporate tax of at least 15% as a feat that will "end the race-to-the-bottom and ensure fairness" for people around the world.

"The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our work forces and investing in research and development and infrastructure," Yellen said.

Earlier in the day, the G7 expressed its support for a minimum global corporate tax of "at least 15% operated on a country-by-country basis" in what British Chancellor of the Exchequer Rishi Sunak described as a "historic agreement."

Breaking the News / JR