A senior White House official told reporters on Friday that G20 leaders would this weekend formalize their endorsement of a deal establishing a global minimum corporate tax rate of 15 percent. According to draft conclusions of the two-day G20 summit, held in Rome, Italy, the rules will enter into force in 2023, states the draft joint communique, which is expected to be formally adopted on Sunday, Reuters reported. … The Biden administration pushed the global minimum tax as a way to reduce international tax arbitrage by U.S. multinationals and, in part, to blunt the impact of Biden’s proposed domestic corporate tax hike. …The White House official cited an independent study that found that a 15 percent global minimum tax rate would lead to at least $60 billion in additional revenue per year just in the United States.
