US Yellen Stresses Need Of Withdrawing Digital Services Taxes In Call With UK Counterpart

WASHINGTON (UrduPoint News / Sputnik - 23rd September, 2021) US Treasury Secretary Janet Yellen highlighted the need for a compromise on withdrawal of digital services taxes during her call with UK Finance Minister Rishi Sunak, the Treasury said on Wednesday.

"Earlier today, U.S. Secretary of the Treasury Janet L. Yellen spoke with United Kingdom Chancellor of the Exchequer Rishi Sunak. Secretary Yellen stressed the importance of ongoing efforts to improve the international tax system. She also emphasized the importance of reaching a compromise on the withdrawal of digital services taxes," the statement said.

Yellen also thanked Sunak for his leadership of the G7 and in the Organisation for Economic Co-operation and Development (OECD) Inclusive Framework.

"(Yellen) expressed gratitude for the close cooperation between the U.S. and UK to level and playing field and end the race to the bottom on international corporate taxes," she said.

The UK government has been long negotiating with other EU member states and the OECD the introduction of an international digital revenue levy, which will tackle the issue of tax avoidance of big technology firms.