The Biden administration's ambitious plan to overhaul the global tax system is about to face a crucial test.
Treasury Secretary Janet Yellen heads to a meeting of Group of Seven finance ministers in London on Friday and Saturday looking to build support from many of the world's top economies — an important step in the administration's efforts to rewrite international tax rules and discourage American companies from booking earnings abroad. G7 finance ministers are expected to back the US plan during the summit, according to a Reuters report citing a US Treasury official.
On Friday, the finance ministers of France, Germany, Italy and Spain wrote in a letter to the Guardian newspaper that the US proposal was a"promising start.""We therefore commit to defining a common position on a new international tax system at the G7 finance ministers meeting in London today. We are confident it will create the momentum needed to reach a global agreement at the G20 in Venice in July. It is within our reach. Let's make sure it happens," they wrote.
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