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Momentum is building for a global tax accord agreement this year, Treasury officials say
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A minimum global tax rate for multinational corporations is garnering momentum for an agreement possibly this year and it may be easier to reach a deal because the global tax does not need unanimity across all countries, U.S. Treasury officials said Wednesday.
In order to get global minimum tax, "you don't need total unanimity here," because "global minimum passes proliferate, even if some countries initially are not on board," the Treasury officials said on a call with reporters. "If there are large economies that adopt minimum taxes, they will proliferate under these regimes."
"We're confident that we can get agreement on a robust minimum tax," the officials said. "We really think we're going to be closing that gap pretty dramatically, and we look forward to working with our negotiating partners and getting to that goal," Treasury officials said. "There's lots of momentum here, and the aim is to get a deal done this year." Italy's finance minister Daniele Franco said earlier a global tax accord agreement could come in July.