Yellen is also working with the Senate Finance Committee and the House Ways and Means Committee to include provisions in the Budget Settlement Act to implement international tax deals, including reallocating tax rights to large multinational corporations, officials said at a news conference.
At the beginning of July, almost all countries in the world agreed to impose new taxes on multinational companies, an agreement that has been in negotiation for years and must be completed by October.
In the first part, there are all companies with worldwide turnover of more than 20,000 million euros and profitability (the relationship between profits and income) of more than 10%.
France subsidizes taxes
French Finance Minister Bruno Le Maire said on Tuesday that his peers in the G20 are on the right track to provide political support for a reform proposal on how multinationals are taxed during this week’s meeting.
In their next step, the measures now go to the G20 finance ministers to offer political support at a meeting on Friday and Saturday in Venice. “Now we must reach a political agreement on the basis of the technical agreement reached by the OECD Steering Group,” Le Maire told reporters.
With information from Reuters and EFE.