Posted on 11/01/2021 4:03 PM / Updated 11/01/2021 4:04 PM

US Treasury Secretary Janet Yellen – (Credit: AFP)

U.S. Treasury Secretary Janet Yellen on Monday afternoon reiterated the importance of the agreement for the lowest global tax rate, backed by the G20. “For the first time in over a century, we have decided to change the way we tax 95% of the world’s GDP internationally, partly by imposing a lower tax on foreign corporate profits,” he said at an event. While on a trip to Dublin, Ireland, Institute of International and European Affairs.

Yellen stressed that the agreement provides for oversight of compliance with the rules and incentives for entry into new countries.

“The global economy can only thrive if companies level the playing field and encourage countries to compete actively,” she said.

Earlier, the secretary made a similar speech at an event at the Irish American Chamber of Commerce.