U.S. Treasury Secretary Janet Yellen has told G20 officials that the Biden administration will drop Donald Trump's objections to new global digital tax rules
* German Finance Minister Olaf Scholz described the U.S. move as a major breakthrough that could pave the way for a broader deal.
* French Finance Minister Bruno Le Maire echoed his praise, saying an agreement on the overhaul of cross-border corporate tax rules was now within reach by a summer deadline.
U.S. Treasury Secretary Janet Yellen told G-20 officials that Washington had dropped the Trump administration’s proposal to let some companies opt out of new global digital tax rules, U.S. and European officials said on Friday, raising hopes for an agreement by summer.
“Secretary Yellen announced that we will engage robustly to address both Pillars of the OECD project, and that the United States is no longer advocating for ‘safe harbor’ implementation of Pillar 1,” a U.S. Treasury official said.
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WNU Editor: Former President Trump objected to this new tax to protect US tech companies. In hindsight, he did not get the support from tech companies that he had hoped for, and the tax is now probably going to be imposed in the next year or two.
More News On U.S. 'Greenlighting' Steps Toward An International Digital Tax Deal
Biden administration drops Trump's objections to a 'global digital tax' on US tech giants, paving the way for a deal by summer -- Daily Mail
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