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World

US drops demand for 'safe harbor' regime in global tax talks

  • Secretary Yellen announced that we will engage robustly to address both Pillars of the OECD project, and that that the United States is no longer advocating for "safe harbor" implementation of Pillar 1.
26 Feb 2021

WASHINGTON: US Treasury Secretary Janet Yellen on Friday told G20 finance officials that Washington was dropping the former Trump administration's demand for a "safe harbor" clause in talks to reform global taxation rules, a Treasury official said.

"Secretary Yellen announced that we will engage robustly to address both Pillars of the OECD project, and that that the United States is no longer advocating for "safe harbor" implementation of Pillar 1," the official said.

Multilateral talks to reform global taxation under the Organization for Economic Cooperation and Development stalled after former Treasury Secretary Steven Mnuchin insisted on the so-called "safe harbor" measure in late 2019.

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