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Yellen Champions Global Minimum Tax to Combat Evasion

1/14/2025

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Summary

Story summary

US Treasury Secretary Janet Yellen is on a mission to reclaim America's economic influence by tackling tax evasion and advocating for a global minimum tax. New Zealand has embraced the OECD's "Pillar Two" framework, enforcing a 15% corporate tax on major multinationals. Yet, concerns linger over whether the costs will outweigh the benefits, especially without the US's involvement.

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Story summary

US Treasury Secretary Janet Yellen is on a mission to reclaim America's economic influence by tackling tax evasion and advocating for a global minimum tax. New Zealand has embraced the OECD's "Pillar Two" framework, enforcing a 15% corporate tax on major multinationals. Yet, concerns linger over whether the costs will outweigh the benefits, especially without the US's involvement.