Washington — US Treasury Secretary Janet Yellen gives Paschal Donohoe, low-tax Irish Finance Minister, “a once-in-a-generation opportunity” for a global deal to stop competition to bottom out corporate tax rates He urged him to take it, the Treasury said. on Wednesday.
Despite pressure from Yellen and European Union officials, Ireland opposes as the October deadline for finalizing a global minimum tax transaction of at least 15%, well above Ireland’s 12.5%, approaches. I didn’t shake it.
Ireland is “still” from joining the Organization for Economic Co-operation and Development (OECD) tax treaty as Mr. Donoho waits on Monday to see if the deeply divided U.S. Congress will accept the Biden administration’s proposed tax increase. It’s a little far away. “
Yellen said in a meeting with Donoho that he “thanked Ireland for its constructive participation” in the OECD’s tax reform negotiations, and the two ministers agreed to stay in close contact on this issue. The Treasury said in a statement.
“Yellen once emphasized the goal of stabilizing the international tax system and preventing race to the bottom, once at the generational opportunity provided by the OECD Comprehensive Framework,” the Treasury added.