Janet Yellen asks Europe to reconsider digital tax

Janet Yellen asks Europe to reconsider digital tax

(Belga) US Treasury Secretary Janet Yellen has called on the European Union to reconsider its plans for a digital tax. She fears that such a tax on the digital economy would be “discriminatory against US companies”. Tomorrow Yellen will participate in the Eurogroup consultations, where the topic will be on the agenda.

Yellen addressed the press in Venice today. In the Italian city, she and fellow ministers from other G-20 nations today reached an agreement on a global tax reform that, among other things, would impose minimum taxes on multinational corporations. Yellen said the agreement “calls on states to phase out digital taxes that the United States considers discriminatory and to refrain from similar actions in the future.” She added that it was up to the Commission and EU member states to decide on the additional work plan. In the European Union, the digital tax is seen as a way to get companies like Google, Amazon, Facebook and Apple to pay fair taxes. The tax should also provide a new source of revenue to finance the €750 billion economic recovery plan. The tax must be entered by January 1, 2023 at the latest. Janet Yellen will participate tomorrow in Brussels at the Eurogroup, the monthly meeting of eurozone finance ministers. European digital tax is on the agenda there. French Economy Minister Bruno Le Maire said that while Yellen would send a message that such a tax was no longer necessary, the EU wanted to reassure her and provide “the necessary clarifications”. Washington fears not only that US multinationals will be discriminated against by European digital taxes, but also that plans for global tax reform will fail as a result. Saturday’s agreement, the parameters of which have already been approved by 131 OECD countries, still needs more work. A digital tax already exists in Spain, Italy and France, but it will be abolished once global tax reform is implemented. At the European level, heads of state or government announced at the end of March that the EU would take “steps forward” “if prospects for a global solution are not achieved”. (Belgium)

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Yellen addressed the press in Venice today. In the Italian city, she and fellow ministers from other G-20 nations today reached an agreement on a global tax reform that, among other things, would impose minimum taxes on multinational corporations. Yellen said the agreement “calls on states to phase out digital taxes that the United States considers discriminatory and to refrain from similar actions in the future.” She added that it was up to the Commission and EU member states to decide on the additional work plan. In the European Union, the digital tax is seen as a way to get companies like Google, Amazon, Facebook and Apple to pay fair taxes. The tax should also provide a new source of revenue to finance the €750 billion economic recovery plan. The tax must be entered by January 1, 2023 at the latest. Janet Yellen will participate tomorrow in Brussels at the Eurogroup, the monthly meeting of eurozone finance ministers. European digital tax is on the agenda there. French Economy Minister Bruno Le Maire said that while Yellen would send a message that such a tax was no longer necessary, the EU wanted to reassure her and provide “the necessary clarifications”. Washington fears not only that US multinationals will be discriminated against by European digital taxes, but also that plans for global tax reform will fail as a result. Saturday’s agreement, the parameters of which have already been approved by 131 OECD countries, still needs more work. A digital tax already exists in Spain, Italy and France, but it will be abolished once global tax reform is implemented. At the European level, heads of state or government announced at the end of March that the EU would take “steps forward” “if prospects for a global solution are not achieved”. (Belgium)

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