Janet Yellen

The European Union said Monday it would postpone its push for a controversial digital levy to focus on a negotiation over a broader minimum global tax deal.

The Treasury Secretary hopes Congress can take up two key portions of a global tax agreement endorsed by Group of 20 finance ministers.

French Finance Minister Bruno Le Maire said he is confident the Group of 20 economies will back a deal on international tax, even as his country pushes for a higher minimum corporate rate.

The U.S. is pressing European officials to reconsider plans to enact a digital tax across its 27 members in a dispute that threatens to undermine significant progress made recently toward a global corporate tax agreement.

An tiny group of countries from far-flung corners of the EU is resisting worldwide consensus on a revamp of corporate tax.

The world took a big step toward sweeping changes in taxation setting a minimum rate for corporations along with rules to share the spoils from multinationals.

Negotiations among more than 100 countries to overhaul global taxation are facing key questions as rich nations seek to persuade many developing economies to reach a preliminary deal in the week and a half.

The Biden administration’s proposal to impose a global minimum tax on corporations has been provoking opposition in Congress, with Republicans advocating user fees instead to pay for infrastructure improvements.

The world’s richest nations have set the stage for a revolution in corporate taxation, but they still have their work cut out to actually achieve that overhaul.

The Treasury secretary suggested that if Congress were to pass a capital-gains tax hike effective starting in April 2021, that wouldn’t count as a retroactive increase.