Treasury Secretary Yellen seeks to get global tax deal back on track

“I think the reality of turning political commitment into binding national legislation is much more complex,” said Manal Corwin, treasury...

“I think the reality of turning political commitment into binding national legislation is much more complex,” said Manal Corwin, treasury official in the Obama administration, who now leads Washington’s domestic tax practice at KPMG. . “The EU moved and overcame most objections, but they still have Poland and it’s unclear if they can get the final vote.”

With French President Emmanuel Macron leading the rotating European Union presidency until June, his administration was eager to implement a deal. But at a meeting of EU finance ministers in early April, Poland emerged as the only holdout, saying there was no ironclad guarantee that big multinational companies still couldn’t take advantage of low-rate jurisdictions. of taxation if both parties to the agreement did so. not move forward in tandem, undermining the global effort to avoid a race to the bottom on corporate taxation.

Poland’s stance has been sharply criticized by European officials, particularly France, whose finance minister Bruno Le Maire has suggested that Warsaw is instead delaying a final deal in retaliation for a Europe-wide political dispute. Poland has threatened to veto measures requiring a unanimous EU vote due to a previous decision by Brussels to block pandemic stimulus funds for Poland.

The European Union had refused to disburse billions in aid to Poland since late last year, citing separate concerns about Warsaw’s interference in the independence of its judiciary. Last week, on the eve of Ms Yellen’s visit to Poland, the European Commission offered a last-ditch deal releasing €36 billion in pandemic recovery funds for Poland, which pledged to meet certain milestones such as judicial and economic reforms, in return for the money.

Negotiators around the world worked for months to work out the technical details of the deal, such as the types of income that would be subject to the new taxes and how the deal would be enforced. Failure to finalize the deal would likely mean proliferation digital services tax that European countries have imposed on American tech giants, much to the dismay of those companies and the Biden administration, which has threatened to impose tariffs on nations adopting their own levies.

“It’s fluid, it’s moving, it’s a moving target,” Pascal Saint-Amans, director of the Center for Tax Policy and Administration at the Organization for Economic Co-operation and Development, said of the negotiations during from the DC Bar’s annual tax conference this month. . “There is an extremely ambitious timetable.”

countries like Ireland, with a historically low corporate tax ratehave been reluctant to raise their rates unless others follow suit, so it was important to ensure there was a common understanding of the new tax rules to avoid opening the door to new loopholes.

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Newsrust - US Top News: Treasury Secretary Yellen seeks to get global tax deal back on track
Treasury Secretary Yellen seeks to get global tax deal back on track
Newsrust - US Top News
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