U.S.’s Yellen says expects to finalize tax changes for large firms in 2022 By Reuters

© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool VENICE (Reuters) – U.S. Treasury Secretary Janet Yellen said on Sunday that a new mechanism to



© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen answers questions during the Senate Appropriations Subcommittee hearing to examine the FY22 budget request for the Treasury Department on Capitol Hill in Washington, DC, U.S., June 23, 2021. Greg Nash/Pool

VENICE (Reuters) – U.S. Treasury Secretary Janet Yellen said on Sunday that a new mechanism to allow more countries to tax large, highly profitable multinational firms may not be ready for consideration by lawmakers until the spring of 2022.

Yellen told a news conference after a G20 finance leaders meeting in Venice in Italy that the OECD “Pillar 1” re-allocation of taxing rights was on a “slower track” than a global corporate minimum tax of at least 15% as part of a major tax deal among 132 countries.

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