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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 ...

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