Yellen Says US Ready To Reengage In Talks On International Taxation - Treasury

WASHINGTON (UrduPoint News / Sputnik - 02nd March, 2021) US Secretary of the Treasury Janet Yellen said during a discussion with European Commissioner for Economy Paolo Gentiloni that it was her intention to actively reengage discussions on international taxation, the Treasury Department said in a statement.

The talks held under the auspices of the Organization for Economic Cooperation and Development (OECD) explore the possibility of a global digital tax and hit a snag last year when the then-US President Donald Trump insisted on a "safe harbor" clause to allow some companies to comply voluntarily with a proposed legislation.

"The Secretary committed to re-engage actively in the ongoing OECD discussions on international taxation to forge a strong international accord," the Treasury Department said.

According to media reports, Yellen dropped the "safe harbor" demand during last month's G-20 virtual meeting.

In a phone call with Gentiloni, Yellen also conveyed her intention to deepen US-EU cooperation to beat the coronavirus pandemic, jumpstart a global economic recovery, fight income inequality and address the threat of climate change.