Announcement was made by U.S. Treasury Secretary Yellen, a proponent of the tax.
The Group of Seven (G7) nations have committed to moving toward a 15% global minimum tax on corporations that operate internationally. The agreement was confirmed on Sunday by Treasury Secretary Janet Yellen. She called the move “unprecedented” and said it would “end the race to the bottom in corporate taxation.”
“The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our workforces and investing in research and development and infrastructure,” Secretary Yellen said.
The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
As the Lord Leads, Pray with Us…
- For the leaders of the G7 nations as they work together on matters of global economy.
- For the president and his administration as they seek to create equity in various foreign and domestic policies.
- For God to fulfill His purpose in the upcoming NATO summit.
Sources: Washington Examiner, BBC
