The IMF favours establishing a global minimum corporate tax, as well as raising taxes on the wealthy to fund pandemic programmes.
WASHINGTON: The IMF and United States on Wednesday gave a boost to the international campaign to raise taxes on wealthy firms that have done well during the pandemic in order to finance recovery efforts.
The renewed support for tax changes comes as G20 finance ministers said they would continue work on a minimum corporate tax aimed at undermining the use of tax havens internationally, with a deal possible by July.
The plan also has the support of France and Germany but US President Joe Biden’s administration on Wednesday took the first step by announcing it intended to raise domestic corporate taxes and clamp down on loopholes to ensure US companies making huge profits, at home…
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