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US treasury chief praises EU approval of worldwide minimum tax
(MENAFN) US Treasury Secretary Janet Yellen on Friday greeted a verdict by the EU to accept an international minimum tax of 15 percent on large firms.
"The United States led the world in being the first to adopt a minimum tax on the foreign earnings of domestically parented multinational enterprises, and both I and the President remain deeply committed to take the additional steps needed to implement this agreement, too," Yellen stated in an announcement.
She mentioned that the deal "helps level the playing field for US business while protecting American workers."
The worldwide scheme of forcing a minimum 15 percent tax rate on multinational firms from next year was complete two months ago (October), accepted by 136 nations that signify over 90 percent of worldwide gross domestic output, the Organisation for Economic Co-operation and Development (OECD) had declared.
The agreement is going to re-allocate over USD125 billion of incomes from nearly 100 of the glob’s biggest multinational company, guaranteeing that these companies compensate a fair stake of tax anywhere they function and produce incomes, as said by the OECD.
"The United States led the world in being the first to adopt a minimum tax on the foreign earnings of domestically parented multinational enterprises, and both I and the President remain deeply committed to take the additional steps needed to implement this agreement, too," Yellen stated in an announcement.
She mentioned that the deal "helps level the playing field for US business while protecting American workers."
The worldwide scheme of forcing a minimum 15 percent tax rate on multinational firms from next year was complete two months ago (October), accepted by 136 nations that signify over 90 percent of worldwide gross domestic output, the Organisation for Economic Co-operation and Development (OECD) had declared.
The agreement is going to re-allocate over USD125 billion of incomes from nearly 100 of the glob’s biggest multinational company, guaranteeing that these companies compensate a fair stake of tax anywhere they function and produce incomes, as said by the OECD.
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