Yellen to Press European Regimes on Digital Sheep-Shearing Plan Following G-20 Accord

Source: Bloomberg

“U.S. Treasury Secretary Janet Yellen will press European Union officials in Brussels this week to reconsider their plan to propose a digital levy after securing the Group of Twenty’s endorsement for the principles of a global corporate-tax agreement. … The Treasury chief is set to make the case for the EU to hold off on unveiling its plan for a bloc-wide digital levy on online sales. The European Commission, the EU’s executive arm, has delayed the rollout until July 20 amid pressure to withdraw it or show that it’s compatible with the global effort on how and where to tax the profits of multinational companies. … Asked Sunday if the planned levy would violate the global deal, Yellen avoided a direct answer but signaled the U.S. is not satisfied with the EU’s justification for it.” (07/12/21)