Biden officials have indicated that they have agreed to lower the global tax rates for the world’s largest corporations, in an international negotiation aimed at increasing revenue from cross-border companies.
US plans to regulate taxes, started in April, intends to introduce new taxes based on trade in each country for the global benefit of the largest companies, including the largest US technical groups, regardless of their presence in the country of origin.
U.S. officials have been meeting with delegates from countries participating in the OECD talks this week to discuss lower taxes that should be included. Biden officials had already asked for 21%, according to US Treasure.
Treasurer officials will continue to push for a global tax rate at a much higher rate, but with a 15% lower rate.
The opinion of Biden officials has been criticized by members of Congress, as well as other OECD members. Ireland, which pays the lowest tax rate in Europe at 12.5%, has said it is calling for a global corporate tax union that could meet its declines and allow for “healthy tax competition”.
The White House has also called for corporate tax increases from 21% to date 28 percent.
Biden hopes the pledge to stabilize global taxation will halt global tax cuts and tax evasion and shift profits.
Washington has threatened to impose taxes on countries including France, the UK, Italy and Spain, among others, on digital taxes that require US companies to pay.
If the US system is approved, some countries will be able to increase funding from major US agencies and other countries that have worked in their respective countries but pay lower taxes.