EU backs U.S. call for global minimum corporate tax, but rate to be decided The European Commission backed on Tuesday a call from U.S. Treasury Secretary Janet Yellen for a global minimum corporate tax, but said its rate should be decided in talks in the Organisation for Economic Cooperation and Development (OECD). World Bank warns against 'high' global tax minimumThe comments by David Malpass come as G-20 leaders said they hoped to reach a global tax deal by mid-year. Analysis: A taxing question for multinationals leaves stocks unscathedA global minimum corporate tax rate could deal a major blow to the multinationals which some governments allege shift billions of dollars in profits every year to low-tax havens, as well as triggering a fundamental reassessment of corporate earnings. Ireland will not fall over if the crutch of low corporate tax is kicked awayNet Results: Ireland’s attractiveness to US multinationals is built on far more than tax What is a global minimum tax and how could it affect Ireland?The Irish economy has boomed in recent years from the influx of billions in investment from foreign multinationals Explainer: What is a global minimum tax and how could it affect companies, countries?Treasury Secretary Janet Yellen has thrown the weight of the U.S. government behind a push for a global corporate minimum tax rate, possibly carving a path to a long-sought deal updating international tax rules for the first time in a generation. Germany backed Janet Yellen's call for a minimum global corporate tax rate, and said 140 countries could agree a deal by summerGerman finance minister Olaf Scholz said Yellen's proposed corporate tax deal could "put an end to the worldwide race to the bottom in taxation." Janet Yellen wants a global minimum tax rate. Here's what that means for the US and the world.On Monday, Treasury Secretary Janet Yellen said in a speech that she supports a global minimum tax rate. It could make companies worldwide pay up.