News Share

The Tax Hub

Daily Tax Newsletter

G7

13 September 2021

Responsive image

U.S. Treasury Secretary Yellen Meets with G7 Finance Ministers on International Tax Reform

The U.S. Department of the Treasury has published a readout for a G7 Finance Ministers meeting held on 9 September 2021 to discuss international tax reform.

---

READOUT: Secretary of the Treasury Janet L. Yellen's Virtual Meeting with G7 Finance Ministers

WASHINGTON – Earlier today, U.S. Secretary of the Treasury Janet L. Yellen participated in a virtual meeting with the G7 finance ministers. Following the historic agreement by the G7 in June – which was later supported by 134 countries representing more than 90% of the world's GDP – to rewrite the international tax rules to impose a global minimum tax on corporate foreign earnings, Secretary Yellen today expressed support for ongoing efforts to improve the international tax system and the importance of swift implementation of the new system. The new international tax system would meet the needs of the 21st century global economy by providing governments with resources to invest in their workers and economies, as well as improving the standing of U.S. businesses by leveling the playing field in which they compete.

Secretary Yellen expressed how the Biden-Harris Administration is pleased with the progress the U.S. Congress is making to strengthen the U.S. international tax rules, with a committee markup on the reconciliation legislation beginning today. The Secretary noted the generational importance for Congress to seize this historic opportunity to end the race to the bottom by enacting a U.S. minimum tax rate on foreign earnings of at least 21 percent on a per-country basis. Together with the global deal, this policy will generate funding for a sustained increase in critical investments in education, research, and clean energy -- which will improve the lives of U.S. citizens and help the U.S. remain the best place in the world to do business.

Further, Secretary Yellen emphasized her support for continued G7 efforts to enhance support for low-income countries to mitigate further divergence in the global economic recovery. To this end, she noted the significance of the recent allocation of Special Drawing Rights (SDRs) by the International Monetary Fund and urged major economies to lend their SDRs to further support vulnerable countries.

Powerful Tax Tools

NEW

FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.

NEW

Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.

NEW

Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.

NEW

Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.

NEW

Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.

NEW

OECD BEPS Project

Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.

NEW

Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.

NEW

Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.

NEW

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

NEW

Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.

NEW

Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.

NEW

Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.

NEW

VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.

NEW

NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.

NEW

Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Crosss Border Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment Streams.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More