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U.S. DEPARTMENT OF THE TREASURY
Statement from Secretary of the Treasury Janet L. Yellen on the
European Union Directive Implementing a Global Minimum
Tax
December 16, 2022

WASHINGTON — Secretary of the Treasury Janet L. Yellen released the following statement
following the directive of the European Union to move forward with implementing a global
minimum tax on corporations.
“I welcome the decision by all 27 member states of the European Union to adopt a Directive
implementing a global minimum tax on corporations. This momentous act means that the
OECD/G20 Inclusive Framework political agreement on international tax will be implemented
by one of the worldʼs leading economic groupings.
The rules we agreed on last year at the OECD/G20 Inclusive Framework will reform the
international tax system and make it fit for purpose for the 21st century. The United States
led the world in being the first to adopt a minimum tax on the foreign earnings of
domestically parented multinational enterprises, and both I and the President remain deeply
committed to take the additional steps needed to implement this agreement, too. This
historic agreement helps level the playing field for U.S. business while protecting U.S.
workers.
Crucially, implementing this international tax deal will change the worldʼs corporate tax
system to benefit American workers and middle-class families. In the United States, rather
than being rewarded for moving operations overseas, companies will be incentivized to keep
jobs and headquarters at home. And rather than tax havens keeping the profits of U.S.
companies, those profits can instead flow back to the United States, allowing us to further
invest in our infrastructure, our economy, and our people.”