Pillar 1 of Global Tax Deal on a Slower U.S. Track, Yellen Says
Douglas S. Stransky was quoted in the July 13, 2021 edition of Tax Notes in an article entitled "Pillar 1 of Global Tax Deal on a Slower U.S. Track, Yellen Says."
The article discusses the meeting of the Group of 20 finance ministers on July 9 and 10 in Venice that endorsed plans for a global tax agreement. This follows the early July meeting of the 130 members of the OECD Inclusive Framework on BEPS that proposed a 15% global minimum tax. Despite this momentum, the article explains that the U.S. government will decide what’s necessary to push new profit allocation rules through Congress once an implementation plan is finalized. Doug noted that pushing anything through Congress will be challenging. "Congress cannot agree on anything until we get more details of what exactly companies will have to pay to which countries and what earnings, deductions, and exemptions will be included in the calculation of the amounts subject to tax," Doug said.