As technology becomes a larger and larger piece of the overall pie in the global economy, so too do the concerns of various nations about how to properly tax the booming sector of industry. The international Organisation for Economic Co-operation and Development (OECD) plans to address this very matter in the coming year and hopefully have a worldwide agreement in place by Summer 2021 if all goes well. The new US Administration under President Joe Biden has indicated it intends to be fully involved in the conversation.
The news comes via German Finance Minister Olaf Scholz, who claimed the global tech tax on Silicon Valley businesses and firms looks “highly likely” following a January 28, 2021 phone call with US Treasury Secretary Janet Yellen, as reported by CNBC. Previously, some European nations had already implemented their own taxes, however, many nations had been cautious to move forward with said taxes, waiting for action by the OECD. For its part, the OECD ran into dispu
Yellen boosts European optimism for global digital tax accord accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
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01/28/2021 08:00 AM EST
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By Syndicated Content
Jan 27, 2021 5:47 PM
WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen and German Finance Minister Olaf Scholz on Wednesday stressed the importance of U.S.-German and transatlantic ties - and the need to work together - in their first phone call, the U.S. Treasury said in a statement.
The two officials agreed to collaborate to end the coronavirus pandemic, support a strong and sustained global economic recovery, fight income inequality, and forcefully address the threat of climate change, Treasury said.
Yellen also pledged active U.S. participation in ongoing discussions on international taxation under the leadership of the Organization of Economic Cooperation and Development, with an eye to forging a timely international accord, the statement said.