United States Secretary of the Treasury Janet L. Yellen’s proposal for global coordination of corporate taxation has huge implications. She has proposed a global minimum tax rate. If the major world economies agree and the U.S. Congress approves the increased tax rates, it would constitute a reversal of the trend in tax policies since the collapse of the Soviet Bloc 30 years back. The initiative which has been long overdue is being forced on the rich countries by the impact of the pandemic. Presently, governments need resources to help people through transfer of incomes, provision of more public services and also prevent business failures. (Read More)
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