Finance ministers from the Group of 20 leading economies Wednesday said they hope to agree on a minimum tax rate for company profits by the middle of this year as part of a wider overhaul of the way international businesses are taxed.
The finance ministers met virtually two days after Treasury Secretary Janet Yellen argued for a global minimum corporate tax rate, seeking international cooperation that is crucial to funding the Biden administration’s $2.3 trillion infrastructure proposal.
Italian Finance Minister Daniele Franco said after the meeting that Ms. Yellen had stressed the need for a minimum rate and that her proposal was consistent with the G-20’s ambitions.
Mr. Franco, who chaired the meeting, said that while finance ministers have yet to resolve some issues needed to bring yearslong talks on overhauling the international tax system to a successful conclusion, they are hopeful of meeting a self-imposed deadline and sealing an agreement at their next meeting.
“What we see this year is an acceleration in the process, and the G-20 is expecting to reach an agreement in July,” Mr. Franco said.