ANL 18.62 Decreased By ▼ -0.67 (-3.47%)
ASC 13.90 Increased By ▲ 0.45 (3.35%)
ASL 21.88 Decreased By ▼ -0.32 (-1.44%)
BOP 8.08 Decreased By ▼ -0.10 (-1.22%)
BYCO 7.07 Decreased By ▼ -0.48 (-6.36%)
FCCL 17.30 Decreased By ▼ -0.15 (-0.86%)
FFBL 22.00 Decreased By ▼ -0.10 (-0.45%)
FFL 15.11 Decreased By ▼ -0.09 (-0.59%)
FNEL 7.03 Decreased By ▼ -0.37 (-5%)
GGGL 16.20 Decreased By ▼ -0.80 (-4.71%)
GGL 37.81 Decreased By ▼ -1.49 (-3.79%)
HUMNL 5.87 Increased By ▲ 0.11 (1.91%)
JSCL 17.75 Decreased By ▼ -0.25 (-1.39%)
KAPCO 35.10 Decreased By ▼ -0.85 (-2.36%)
KEL 3.25 Decreased By ▼ -0.04 (-1.22%)
MDTL 2.30 Decreased By ▼ -0.20 (-8%)
MLCF 33.90 Decreased By ▼ -0.34 (-0.99%)
NETSOL 113.60 Decreased By ▼ -6.25 (-5.21%)
PACE 4.70 Decreased By ▼ -0.24 (-4.86%)
PAEL 26.91 Increased By ▲ 0.38 (1.43%)
PIBTL 8.68 Decreased By ▼ -0.03 (-0.34%)
POWER 7.22 Decreased By ▼ -0.03 (-0.41%)
PRL 16.13 Decreased By ▼ -0.84 (-4.95%)
PTC 9.61 Decreased By ▼ -0.04 (-0.41%)
SILK 1.45 Decreased By ▼ -0.05 (-3.33%)
SNGP 45.32 Increased By ▲ 0.22 (0.49%)
TELE 16.17 Decreased By ▼ -1.31 (-7.49%)
TRG 157.03 Decreased By ▼ -3.97 (-2.47%)
UNITY 30.85 Decreased By ▼ -0.95 (-2.99%)
WTL 2.75 Decreased By ▼ -0.10 (-3.51%)
BR100 4,667 Decreased By ▼ -51.26 (-1.09%)
BR30 21,888 Decreased By ▼ -432.68 (-1.94%)
KSE100 44,863 Decreased By ▼ -210.42 (-0.47%)
KSE30 17,694 Decreased By ▼ -48.84 (-0.28%)

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

US Treasury's Yellen 'pleased' with delay to EU digital levy

  • "I was pleased with their decision to delay introduction of this," Yellen said.
  • "We're in the middle of trying to finalize an agreement. Countries have agreed to repeal, with Pillar 1, existing measures, and to avoid introducing future digital taxes that would be discriminatory."
13 Jul 2021

BRUSSELS: US Treasury Secretary Janet Yellen told Reuters on Tuesday she was pleased by the European Commission's decision to delay its announcement of a proposed EU digital levy because it will allow work to be completed on a global corporate tax deal.

Speaking to Reuters after meeting with European Union officials in Brussels, Yellen said it was prudent for the Commission to wait for the final parameters of the OECD 'Pillar 1' deal to reallocate taxing rights for large multinationals before proceeding with its own levy.

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

"I was pleased with their decision to delay introduction of this," Yellen said in an interview. "We're in the middle of trying to finalize an agreement. Countries have agreed to repeal, with Pillar 1, existing measures, and to avoid introducing future digital taxes that would be discriminatory."

On Monday, the European Commission confirmed that it would delay its digital levy, eliminating a potential barrier to the broader global tax deal. US officials had said that the idea of a new digital levy, proposed last year when tax negotiations looked stalled, was inconsistent with the OECD deal.

Among other officials, Yellen met with Irish Finance Minister Paschal Donohoe, one of the major holdouts from the tax agreement and whose buy-in will be crucial for the EU to approve the deal for a 15%-plus global minimum corporate tax.

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

"He's head of the Eurogroup of finance ministers, he invited me to meet with them. Clearly he has a strong interest in the success of the EU," Yellen said.

She declined to comment on her message to Donohoe and Ireland's latest views on the OECD deal.

The world's 20 largest economies endorsed on Saturday a plan for a global overhaul of corporate tax that would introduce a minimum tax rate and change the way large companies like Amazon and Google are taxed, based partly on where they sell their products and services rather than on the location of their headquarters.

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

The reform, if finalised in October, would need parliamentary approval in the more than 130 countries that support it, including the US Congress where it could face opposition from the Republicans. All EU member states must also approve tax reforms, including the envisioned global deal.

Comments

Comments are closed.