French, U.S. finance chiefs agree to push cross-border tax reform


Investing.com - Financial Markets Worldwide

No results matched your search

Economy7 hours ago (Jan 28, 2021 05:00PM ET)

2/2

© Reuters. The weekly cabinet meeting at the Elysee Palace in Paris
© Reuters. The weekly cabinet meeting at the Elysee Palace in Paris

2/2

PARIS/WASHINGTON (Reuters) – French Finance Minister Bruno Le Maire and his new U.S. counterpart Janet Yellen agreed to seek an international agreement on new rules for taxing multinational businesses, the U.S. Treasury and French finance ministry said after the two spoke on Thursday.

Paris and Washington clashed during the Trump administration over France’s tax on digital service companies and over reluctance from Yellen’s predecessor Steven Mnuchin to move forward on talks to overhaul the rules for taxing cross-border commerce.

“The Secretary committed to re-engage actively in the ongoing OECD discussions on international taxation to forge a timely international accord,” the U.S. Treasury said in a statement issued after the first call between Yellen and Le Maire since she took office on Tuesday.

France’s Finance Ministry said the two “agreed on the need to find multilateral solutions to many of the issues facing the global economy, including addressing the tax challenges of efficiently and equitably taxing the income of multinational firms.”

The same language has appeared in Treasury statements issued after Yellen’s calls with British Finance Minister Rishi Sunak and German Finance Minister Olaf Scholz. In all three calls, Yellen emphasized cooperation in “ending the pandemic, supporting a strong global economic recovery, fighting income inequality and forcefully addressing the threat of climate change,” the Treasury said.

Nearly 140 countries have agreed to rewrite, by mid 2021, the rules about how companies are taxed outside their home countries to take into account the rise of big digital companies like Google (NASDAQ:), Amazon (NASDAQ:), and Facebook (NASDAQ:).

Le Maire and Yellen also spoke about the need to reduce trade tensions between Europe and the United States, which flared during the Trump administration.

The French minister in particular raised the topic of U.S. trade sanctions on French wine growers that the Trump administration had put in place over a long-running aircraft subsidies dispute.

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

Unilever defines Regenerative Agriculture Principles: ‘Without consensus it’s difficult...

Unilever has gone live with new Regenerative Agriculture Principles (RAPs), a framework that outlines âfive priority areasâ the company says are âin most urgent need of action and where we can generate the biggest impactâ. FoodNavigator spoke to Giulia Stellari, Sustainable Sourcing Director at Unilever, to learn more.

NPD Trend Tracker: From 3D-printed gummies to smoky bacon...

What is ânoochâ, you ask? The term is short for nutritional yeast, and UK brand Notorious Nooch Co has just released two new flavours of it. Elsewhere in this weekâs new product development photo gallery, we look at Nourishedâs expansion into personalised vitamin gummies for kids, and a new line of keto condiments.

Valeo Foods and Confectionery acquired by Bain Capital

Bain Capital Private Equity, a leading global private investment firm, announced it has signed a definitive agreement with CapVest to acquire European ambient foods company Valeo Foods.

Palm oil challenges in the West: EU ambassador insists...

Consumers in the EU are âdemanding sustainabilityâ when it comes to palm oil and related food products, according to an EU ambassador, fanning the flames of ongoing strife with palm oil producing countries in the ASEAN region.

Similar articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love