Since the G7 meeting on 5 June when the G7 finance ministers
announced a global corporation tax of at least 15%, there has been
much written and spoken about the new proposed global minimum tax
rate.
Janet Yellen, the US Treasury Secretary, called the agreement a
"historic day for economic diplomacy". She stated that
"for decades, the United States has participated in a
self-defeating international tax competition, lowering our
corporate tax rates only to watch other nations lower theirs in
response".
Based on this agreement, on 1 July, the OECD issued a statement
committing each of its countries to a two-pillar plan to reshape
the global tax system. This includes all the nations in the G20
group of the world's biggest economies, including China, India,
Brazil and Russia.
