The US Treasury published a statement on 20 May 2021 confirming that, in its discussions with the OECD’s steering group of the BEPS Inclusive Framework, it proposed that the global minimum tax rate should be at least 15%, while underscoring that this was a ‘floor and that discussions should continue to be ambitious and push that rate higher’. The US Treasury stated that there was a ‘positive reception’ to its proposals and that ‘unprecedented progress’ was being made towards establishing a global corporate minimum tax.
Jesse Norman responded to a written question to the government on the US’s proposals on 24 May 2021, stating that the government ‘welcomes the US administration's renewed commitment to reaching a two-pillar solution reforming the international tax framework through the OECD, and it is optimistic that an agreement can be reached’. Jesse Norman further stated that agreement on a global minimum tax must be ‘alongside changes to profit allocation rules (pillar one)’ and that supporting progress towards a two-pillar solution is a priority of the UK’s G7 presidency.
The US Treasury published a statement on 20 May 2021 confirming that, in its discussions with the OECD’s steering group of the BEPS Inclusive Framework, it proposed that the global minimum tax rate should be at least 15%, while underscoring that this was a ‘floor and that discussions should continue to be ambitious and push that rate higher’. The US Treasury stated that there was a ‘positive reception’ to its proposals and that ‘unprecedented progress’ was being made towards establishing a global corporate minimum tax.
Jesse Norman responded to a written question to the government on the US’s proposals on 24 May 2021, stating that the government ‘welcomes the US administration's renewed commitment to reaching a two-pillar solution reforming the international tax framework through the OECD, and it is optimistic that an agreement can be reached’. Jesse Norman further stated that agreement on a global minimum tax must be ‘alongside changes to profit allocation rules (pillar one)’ and that supporting progress towards a two-pillar solution is a priority of the UK’s G7 presidency.
