In remarks following the G20 Finance Ministers and Central Bank Governors meetings, Secretary of the Treasury Janet L. Yellen stated that 132 countries are coming to a consensus around a global corporate minimum tax rate of at least 15 percent.
Secretary Yellen asserted that such an agreement would likely dismantle the existing digital services tax and proposed new online taxes on sales. She added, however, that it would be up to the European Commission and members of the European Union to decide how to proceed with regard to the sales tax.
Secretary Yellen noted that such an agreement would end "the race to the bottom" and would "give our nations the ability to raise the necessary funding for important public goods like infrastructure, R&D, and education."
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