At the G-20 meeting of finance ministers and central bankers in Venice, attended by Yellen, nations put their stamp of approval on a preliminary pact that would revamp how countries tax multinational firms. The deal was also backed by 132 nations in talks led by the Organization for Economic Cooperation and Development. Yellen has repeatedly emphasized the deal would help countries capture more tax revenue from big companies, and the Biden administration is counting on the global tax revamp to help support a $4 trillion, 10-year economic agenda in the U.S. Ireland is one of the three European nations that have declined so far to sign on to the global tax accord. The Business Roundtable, a group representing chief executives of large U.S. companies, previously said in April that “any U.S. minimum tax should be aligned with" an agreed-upon global level.

Source: Mint July 13, 2021 15:56 UTC