“This is really a big progress,” German Finance Minister Olaf Scholz said as he arrived for a meeting with European counterparts in Lisbon, minutes after his French counterpart had also offered a positive reaction. Last year, the OECD estimated the global minimum tax, in addition to the U.S.’s own rules, would bolster revenues for governments by as much as $100 billion a year – a figure that would balloon with a higher rate. The U.S. suggested a simpler, narrower scope, carving up tax revenues of just the 100 or so biggest multinationals. The Biden administration is also hoping to secure a broad OECD deal on a global minimum rate before Democrats take up the push in Congress to increase U.S. corporate taxes. (Updates with Ireland’s finance minister in 12th paragraph)More stories like this are available on bloomberg.com©2021 Bloomberg L.P.
