While testifying before the Senate Finance Committee on Tuesday, US Treasury Secretary Janet Yellen said that the US has a goal to make discriminatory digital services taxes “a thing of the past,” as reported by Reuters.
Additional takeaways
“Keeping threat of tariffs under Section-301 available if countries do not remove digital services taxes.”
“US pursuing every avenue toward a swift and comprehensive standstill and rollback of digital services taxes.”
“Looking for progress on global minimum tax by the time of G20 leaders summit in October.”
“US progress on corporate minimum tax would help boost chances of getting a broad-based agreement.”
“Had very constructive bilateral conversations with the Irish finance minister, we believe he will work to raise the global minimum tax.”
“We believe the entire EU will go along with higher minimum taxes.”
“US proposing changes to deny foreign corporations in the US the ability to shift profits offshore.”
“We don’t need everyone to go along with global minimum tax for it to be effective.”
Market reaction
These comments don’t seem to be having a noticeable impact on risk perception. As of writing, the S&P 500 Index was posting small daily losses at 4,244.
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