Yellen sees US firms pushing to support global tax deal – MENAFN.COM

Yellen sees US firms pushing to support global tax deal – MENAFN.COM

(MENAFN - Gulf Times) Treasury Secretary Janet Yellen said US companies are likely to provide crucial support in pushing lawmakers to back a global overhaul of corporate taxation, helping overcome Republican opposition that may slow or stop ratification of an accord endorsed by Group of 20 nations over the weekend. "To the extent that the Republican side is going to be looking to business and trying to protect business interests, my guess is that businesses are going to be saying to members of Congress, please approve this," Yellen said on Tuesday in an interview in Brussels, as she wrapped up a week in Europe. At the G-20 meeting of finance ministers and central bankers in Venice, attended by Yellen, nations put their stamp of approval on a preliminary pact that would revamp how countries tax multinational firms. The deal was also backed by 132 nations in talks led by the Organisation for Economic Co-operation and Development. It faces challenges back in Washington, however, where the administration is counting on Congress to pass legislation to bring the US fully in line with the agreement. Yellen had made clear in Venice she hoped the minimum tax portion, also known as Pillar Two,