ANL 18.23 Decreased By ▼ -1.06 (-5.5%)
ASC 13.77 Increased By ▲ 0.32 (2.38%)
ASL 22.25 Increased By ▲ 0.05 (0.23%)
BOP 8.06 Decreased By ▼ -0.12 (-1.47%)
BYCO 7.06 Decreased By ▼ -0.49 (-6.49%)
FCCL 17.41 Decreased By ▼ -0.04 (-0.23%)
FFBL 22.25 Increased By ▲ 0.15 (0.68%)
FFL 15.30 Increased By ▲ 0.10 (0.66%)
FNEL 7.25 Decreased By ▼ -0.15 (-2.03%)
GGGL 16.24 Decreased By ▼ -0.76 (-4.47%)
GGL 37.60 Decreased By ▼ -1.70 (-4.33%)
HUMNL 5.93 Increased By ▲ 0.17 (2.95%)
JSCL 17.90 Decreased By ▼ -0.10 (-0.56%)
KAPCO 35.22 Decreased By ▼ -0.73 (-2.03%)
KEL 3.28 Decreased By ▼ -0.01 (-0.3%)
MDTL 2.32 Decreased By ▼ -0.18 (-7.2%)
MLCF 34.44 Increased By ▲ 0.20 (0.58%)
NETSOL 112.60 Decreased By ▼ -7.25 (-6.05%)
PACE 4.62 Decreased By ▼ -0.32 (-6.48%)
PAEL 27.80 Increased By ▲ 1.27 (4.79%)
PIBTL 8.70 Decreased By ▼ -0.01 (-0.11%)
POWER 7.15 Decreased By ▼ -0.10 (-1.38%)
PRL 16.10 Decreased By ▼ -0.87 (-5.13%)
PTC 9.45 Decreased By ▼ -0.20 (-2.07%)
SILK 1.48 Decreased By ▼ -0.02 (-1.33%)
SNGP 45.55 Increased By ▲ 0.45 (1%)
TELE 16.17 Decreased By ▼ -1.31 (-7.49%)
TRG 159.48 Decreased By ▼ -1.52 (-0.94%)
UNITY 31.20 Decreased By ▼ -0.60 (-1.89%)
WTL 2.76 Decreased By ▼ -0.09 (-3.16%)
BR100 4,676 Decreased By ▼ -41.96 (-0.89%)
BR30 22,049 Decreased By ▼ -270.91 (-1.21%)
KSE100 44,818 Decreased By ▼ -255.76 (-0.57%)
KSE30 17,642 Decreased By ▼ -100.19 (-0.56%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,597
3124hr
Pakistan Cases
1,240,425
1,75724hr
3.61% positivity
Sindh
455,808
Punjab
429,081
Balochistan
32,861
Islamabad
105,120
KPK
173,210
World

Yellen urges EU to back global tax deal, consider more fiscal support

  • "We need sustainable sources of revenue that do not rely on further taxing workers' wages and exacerbating the economic disparities that we are all committed to reducing," Yellen said.
  • "We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share."
12 Jul 2021

BRUSSELS: US Treasury Secretary Janet Yellen urged European Union countries on Monday to sign on to a global deal to revamp corporate taxation, keep fiscal support through 2022 and consider more spending in the face of COVID-19 uncertainty.

"We need sustainable sources of revenue that do not rely on further taxing workers' wages and exacerbating the economic disparities that we are all committed to reducing," Yellen said in remarks prepared for delivery to Eurogroup finance ministers.

"We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share."

A tax-cut race to the bottom must end, she said.

Yellen says will try to address concerns of tax deal holdout countries

Irish finance minister Paschal Donohoe, who chairs the Eurogroup of euro zone finance ministers, maintained his reservation about a global minimum corporate tax rate in a meeting with Yellen, his spokesperson said.

Donohoe told reporters that he "affirmed to Secretary Yellen that Ireland remains very committed to the process, constructively engaging with the OECD" on taxes.

The European Commission said on Monday that it will delay its own planned levy on digital services to focus on the global tax deal, final details of which have to be agreed in October.

The EU has been under pressure from the US administration, which wants existing national digital service taxes to be repealed as part of the global overhaul of cross-border corporate taxation.

US's Yellen says tax changes for large firms may not be ready until 2022

Yellen declined to comment when asked to react to the commission's delay.

CONSIDER MORE SPENDING

Yellen said that the fiscal response of the EU and its members to the COVID-19 pandemic had been "decisive and unprecedented", with a rapid response also from the European Central Bank. But G20 finance ministers over the weekend warned that the rapid spread of COVID-19 variants was threatening a strong global recovery.

"I think we all agree that uncertainty remains high. In this context, it is important that the fiscal stance remain supportive through 2022," Yellen said.

G20 finance chiefs in Venice back global tax deal: draft

She added that EU member states should also "seriously consider" additional fiscal measures to ensure a robust domestic and global recovery.

Yellen also called on European governments to join Washington in pushing back against "malign behavior" from China and Russia and abuses in Belarus.

"Together, we need to counter threats to the principles of openness, fair competition, transparency, and accountability," Yellen said. "These challenges include China's unfair economic practices, malign behavior, and human rights abuses, the Lukashenko regime's ongoing abuses in Belarus, and Russia's continued and growing malign behavior."

Comments

Comments are closed.