Salem Radio Network News Tuesday, August 3, 2021

Business

U.S.’s Yellen says expects to finalize tax changes for large firms in 2022

VENICE (Reuters) – U.S. Treasury Secretary Janet Yellen said on Sunday that a new mechanism to allow more countries to tax large, highly profitable multinational firms may not be ready for consideration by lawmakers until the spring of 2022.

Yellen told a news conference after a G20 finance leaders meeting in Venice in Italy that the OECD “Pillar 1” re-allocation of taxing rights was on a “slower track” than a global corporate minimum tax of at least 15% as part of a major tax deal among 132 countries.

(Reporting by David Lawder and Gavin Jones; Editing by Hugh Lawson)

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