US floats global corporate tax of at least 15%

Written by: Reuters

(Our Bureau, May 22) The US has proposed that countries agree to a 15% global minimum tax for corporates. “It is imperative to work multilaterally to end the pressures of corporate tax competition and corporate tax base erosion,” the Treasury Department said in a statement. If accepted the move will check the flight of companies to zero tax destinations such as Jersey and Cayman Islands and low-tax destinations such as Ireland and  Cyprus (both 12.5%). India taxes corporates at 22% while Investopedia says the Global average rate is 23.79%.

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