{"id":111441,"date":"2021-04-07T06:53:44","date_gmt":"2021-04-07T06:53:44","guid":{"rendered":"https:\/\/fin2me.com\/?p=111441"},"modified":"2021-04-07T06:53:44","modified_gmt":"2021-04-07T06:53:44","slug":"imf-favors-global-minimum-corporate-tax-chief-economist","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/imf-favors-global-minimum-corporate-tax-chief-economist\/","title":{"rendered":"IMF favors global minimum corporate tax – chief economist"},"content":{"rendered":"
FILE PHOTO: Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF), speaks during a news conference in Santiago, Chile, July 23, 2019. REUTERS\/Rodrigo Garrido\/File Photo<\/figcaption>

WASHINGTON (Reuters) -The International Monetary Fund has long favored adoption of a global minimum tax on corporate profits, the Fund\u2019s chief economist, Gita Gopinath, told reporters on Tuesday, calling tax avoidance a troubling issue for the global economy.<\/p>\n

Gopinath said current disparities in national corporate tax rates had triggered \u201ca large amount\u201d of tax shifting and tax avoidance, reducing the tax base on which governments could collect revenues to fund needed economic and social spending.<\/p>\n

\u201cIt is a big concern,\u201d Gopinath told reporters during an online briefing. \u201cWe are very much in favor of a global minimum corporate tax.\u201d<\/p>\n

French Finance Minister Bruno Le Maire said on Tuesday a global deal on cross-border taxation was within reach as he welcomed a pledge by U.S. Treasury Secretary Janet Yellen to work on a global corporate minimum rate.<\/p>\n

Gopinath said the IMF had not taken a position on the ideal level for such a tax rate, adding that governments would need to replenish their coffers after massive spending to contain the COVID-19 pandemic and mitigate its economic impact.<\/p>\n

\u201cThe hope is that they will move forward better to have more inclusive, sustainable, green economies, and that would require measures both on the revenue side and on the expenditure side,\u201d she said, adding that each country would have to carefully tailor its own actions on the tax front.<\/p>\n

Gopinath said the IMF was still studying the Biden administration\u2019s proposal to raise the corporate tax rate to 28%, but noted that the former Trump administration\u2019s decision to lower that tax rate from 35% to 21% in 2017 had had less impact on investment than initially expected.<\/p>\n

U.S. President Joe Biden on Monday said there was \u201cno evidence\u201d that raising the corporate tax rate by seven percentage points would drive business abroad.<\/p>\n

White House press secretary Jen Psaki noted that the 28% rate would be lower than it was at any time since World War Two.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF), speaks during a news conference in Santiago, […]<\/p>\n","protected":false},"author":3,"featured_media":111440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nIMF favors global minimum corporate tax - chief economist - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/imf-favors-global-minimum-corporate-tax-chief-economist\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF favors global minimum corporate tax - chief economist - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF), speaks during a news conference in Santiago, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/imf-favors-global-minimum-corporate-tax-chief-economist\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-07T06:53:44+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/cnewsfotor1535.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/imf-favors-global-minimum-corporate-tax-chief-economist\/\",\"url\":\"https:\/\/fin2me.com\/markets\/imf-favors-global-minimum-corporate-tax-chief-economist\/\",\"name\":\"IMF favors global minimum corporate tax - 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