Pillar 1 of Global Tax Deal on a Slower U.S. Track, Yellen Says

By Stephanie Soong Johnston 

The U.S. government will decide what’s necessary to push new profit allocation rules through the Senate as part of a G-20-backed global tax reform deal once an implementation plan is finalized, perhaps in early 2022. U.S. Treasury Secretary Janet Yellen confirmed July 11 that Treasury is pushing to include measures to implement pillar 2, which calls for global minimum taxation, of the two-pillar plan in a forthcoming budget resolution and reconciliation package. She was speaking during a press conference the day after G-20 finance ministers and central bank governors concluded their July 9-10 meeting in Venice, Italy, under the Italian presidency, where ministers endorsed the plan. 

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By Stephanie Soong Johnston , posted on Sunday July 18, 2021

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