U.K. Backs Push for Higher Global Tax if Congress OKs Biden Plan

May 5, 2021, 7:51 PM

The U.K. could accept a higher global minimum tax, but only if U.S. lawmakers pass a Biden proposal to double the country’s minimum tax, a top U.K. Treasury official said.

The Biden administration has proposed raising the U.S. minimum rate from 10.5% to 21% and changing how the rate is calculated. If Congress backs those changes, the U.S. could help convince countries to accept a higher global minimum rate as part of the OECD-led effort to rewrite international tax rules, Mike Williams, director, Business and International Tax at Her Majesty’s Treasury, said Wednesday.

The OECD is negotiating with nearly 140 ...

To read the full article log in. To learn more about a subscription click here.