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Global 15% Minimum Tax Would be Too Low, Countries Say (1)

June 28, 2021, 3:02 PMUpdated: June 28, 2021, 5:54 PM

Argentina and Nigeria are pushing back against a proposed 15% global minimum tax rate, saying it’s not high enough to address global issues.

Argentina’s Minister of Economy Martin Guzman on Monday said the 15% rate is “way too low.” And Matthew Gbonjubola, head of international tax at the Federal Inland Revenue Service of Nigeria, said a 15% rate would be unlikely to benefit African countries where the average rate is 28%. They spoke at an event hosted by the Intergovernmental Group of 24 developing countries and the Independent Commission for the Reform of International Corporate Taxation.