WASHINGTON (Pakistan Point News / Sputnik - 21st May, 2021) The United States has proposed at a meeting of the or Organisation for Economic Co-operation and Development (OECD) group of developed countries a minimum global company tax of 15 percent, the US Treasury Department said in a statement on Thursday.
"Treasury proposed to the Steering Group that the global minimum tax rate should be at least 15 percent," the statement said. "Treasury underscored that 15 percent is a floor and that discussions should continue to be ambitious and push that rate higher."
The proposal comes as President Joe Biden demands that large US companies "pay their fair share" of taxes, vowing to crack down on those that employ complicated maneuvers to reduce or eliminate their tax bills by shifting income on paper between countries.�
