In mid 2021, the Group of Seven (G7) finance ministers committed to a minimum global corporate tax rate of at least 15%, which was expected to result in hundreds of billions of dollars flowing into government coffers.
US Treasury Secretary Janet Yellen said it would mean an end to what she referred to as a “race to the bottom on global taxation”, while German finance minister Olaf Scholz claimed the deal was “bad news for tax havens around the world”.
Fast forward to January 2023 and KPMG partner Alia Lum says the Australian Albanese Government is expected to legislate a global minimum corporate tax of 15% this year, given some 137 countries have agreed to implement the global minimum corporate tax rate by 2024.
