G7’s minimum corporate tax rate ‘too low’
While G7 finance ministers have agreed to support a global minimum corporate tax rate of at least 15%, Argentina's finance minister has described the rate as “far too low”. Martin Guzman told an online panel hosted by the Independent Commission for the Reform of International Corporate Taxation: “We advocate for more than 15%, certainly not less than 21% and 25% would be even better”. Mathew Gbonjubola, Nigeria's tax policy director, told the same conference that the minimum rate being proposed “would not do much to countries in Africa and it is likely to continue to promote tax base erosion for African countries”. Their comments come ahead of talks being led by the Organisation of Economic Co-operation and Development that will see 139 countries look to reach a consensus on a global minimum corporate tax and new rules for taxing cross-border commerce. Any agreement will then be considered by G20 finance ministers in July.