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The U.S. Treasury Thursday said it proposed that a global minimum corporate tax rate should be no lower than 15%, telling an Organization for Economic Cooperation and Development tax steering group meeting that it was seeking higher tax rates and a multilateral agreement.
"Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher," the department said in a readout after two days of meetings with the OECD group. The Treasury Department said it was "heartened by the positive reception to its proposals and the unprecedented progress being made towards establishing a global corporate minimum tax."
G20 finance ministers are set to meet in July to discuss cross-border tax reform before a Rome summit in late October. MNI has reported that a wide divergences between countries on the issue of a minimum corporate tax may make the G20's summer deadline unlikely.