TORONTO — Some tax experts say Canada can benefit from the U.S. government’s decision to join a campaign for the creation of a global minimum corporate tax rate for the world’s major economies.
They say Canada will likely benefit if it can work with the United States on a global reform of tax rates so corporations can’t play one country off against another by threatening to change locations.
In Treasury Secretary Janet Yellen’s first major international policy speech, she said the Biden Administration is committed to restoring U.S. leadership in the multilateral system.
Yellen said the administration would work with other advanced economies in the Group of 20 countries, which includes Canada.
Yellen’s speech came as representatives from the United States, Canada and other countries prepare for this week’s meetings of the International Monetary Fund and the World Bank.
G20 finance ministers and central bank governors will gather virtually on Wednesday.