Joe Biden champions the 15% global tax deal in latest presidential comments

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Joe Biden champions the 15% global tax deal in latest presidential comments

US President Joe Biden is still "championing" a 15pc global corporate tax rate even as his administration bids to impose a 20pc rate for US multinationals.

"The president is championing a 15pc corporate minimum tax here and around the world to ensure that no large profitable corporation gets away with paying $0 in taxes," the White House said in a statement to mark the day tax returns are filed in the US.

In comments aimed at Republican lawmakers, the White House said on 18 April that "profitable corporations shouldn't pay a lower tax bill than a middle-class family, and shouldn't be able to avoid taxes by shipping jobs and profits overseas".

In its draft 2023 budget last month, the Biden administration said it would hike the tax on US firms' overseas income to 20pc, five points above the 15pc minimum agreed by 137 countries last year at the Organisation for Economic Cooperation and Development (OECD).