German and French finance ministers today expressed support for the U.S. proposal to implement a global minimum corporate tax rate of 21 percent. The measure is seen as a way to target multinational giants such as Amazon and Google.
“People are fed up with big business not paying their fair share of taxes,” French Finance Minister Bruno Le Maire said in an interview with German newspaper Die Zeit.
He said that France had originally proposed a tax rate of 12.5 percent, but if the outcome of the negotiations was to follow the rate proposed by Washington, “we would agree to it.
German Finance Minister Olaf Scholz said in a joint interview that he had “no objection at all to the U.S. proposal.
U.S. President Joe Biden has criticized many of the world’s largest corporations for moving their headquarters to tax havens or taking advantage of loopholes in the tax system so that they pay no or little tax at all, even much less than some individuals pay.
Washington announced earlier this month that it will push for joint global action to implement a minimum tax system for multinational corporations to ensure that digital industry giants like Amazon pay their share of taxes in the countries where they earn their income.
In an interview, Scholz said that with the U.S. push, “to reach an agreement in the summer, the current momentum is good.”
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