US Treasury Secretary Janet Yellen has said that she has optimism that the Congress would approve a key pillar of the global corporate tax deal agreed by some 136 countries and jurisdictions. She said, "I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package."  She added that "I hope that it will be passed and we will be able to reassure the world that the US will do its part."

Yellen's remarks came after the Organisation for Economic Cooperation and Development (OECD) announced on Friday that a major structural reform of the international tax system has been finalized, which includes a global minimum corporate tax rate of 15 per cent. "This is really a historic agreement. It is something that is very significant for American workers to stop what's been a decades-long race to the bottom on corporate taxation, where countries try to cut their taxes to attract our businesses," Yellen said. "And this agreement to place a halt on how low tax rates can go so that all of us have the opportunity to collect tax revenue from successful corporations, and not just from workers. This is really something we need to make globalization work," she added.

The deal will be delivered to the G20 Finance Ministers meeting in Washington DC on October 13, then to the G20 Leaders' Summit in Rome, Italy at the end of the month, according to the OECD.

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