On April 5, 2021, U.S. Treasury Secretary Janet YELLEN “grabbed the attention of the occupants of corner offices worldwide with a speech to the Chicago Council on Global Affairs. The headline was a call for countries to agree on a global minimum tax rate for large companies.” (The Economist, April 8, 2021).
In the slipstream, French quality newspaper Le Monde wrote (our translation): “The American example offers a not-to-be-missed opportunity. Of course, there will be resistance from multinationals and businesses that make a living of tax optimization. But the states [countries] have no choice. The public opinion forces them to take back control of their taxes. Instead of competing in the tax area, it is much healthier to attract capital based on [the availability of] infrastructure, education, research and sustainability.”
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This blog has been published at Kluwer International Tax Blog on 23 April 2021.