G-7 Countries Reach Agreement on Minimum Tax Rate

Washington Post: “Finance ministers for seven of the most powerful nations in the world announced an accord that could reshape the tax obligations of multinational corporations around the world.”

“The deal is a major breakthrough for the Biden administration as it seeks to enact a floor on the taxes paid by corporations worldwide. Treasury Secretary Janet Yellen has been adamant that the U.S. needs to work with international counterparts to prevent nations from being played off each other by firms seeking lower tax obligations.”