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U.S. Treasury's Yellen urges Irish finance minister to take global tax deal

EconomySep 22, 2021 08:31PM ET
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2/2 © 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 2/2

By David Lawder

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen urged Paschal Donohoe, the finance minister of low-tax Ireland, to take a "once in a generation opportunity" for a global deal that would stop a race to the bottom on corporate tax rates, the Treasury said on Wednesday.

Despite pressure from Yellen and European Union officials, Ireland has not wavered in its opposition as an October deadline approaches to finalize a deal for a global minimum tax of at least 15% -- well above Ireland's 12.5% rate.

Donohoe said on Monday that Ireland was "still some bit away" from joining the Organisation for Economic Cooperation and Development (OECD) tax agreement as he waits to see whether a deeply divided U.S. Congress will accept the Biden administration's proposed tax increases.

Yellen, during a call with Donohoe, "expressed appreciation for Ireland's constructive participation" in the OECD tax reform talks, and the two ministers agreed to keep in close communication on the issue, the Treasury said in a statement.

"Secretary Yellen emphasized the goal of stabilizing the international tax system and stopping the race to the bottom through this once in a generation opportunity offered by the OECD Inclusive Framework," the Treasury added.

U.S. Treasury's Yellen urges Irish finance minister to take global tax deal
 

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Comments (4)
Matt Brackley
Matt Brackley Sep 22, 2021 8:56PM ET
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do I smell despairation? old yellar getting beat on all fronts.
Miles Mathewson
Miles Mathewson Sep 22, 2021 8:53PM ET
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My applause to Ireland. Don't do it. Without tax there won't be a spend spree democrats want or US will be bankrupt
Markus Greutmann
Markus Greutmann Sep 22, 2021 8:33PM ET
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Why would the Irish agree to take losses for the benefit of the overtax and overspend economies of the ROW?
Markus Greutmann
Markus Greutmann Sep 22, 2021 8:30PM ET
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Why would the Irish agree to hurt their economy for the benefit of the overtax and overspend economies of the ROW?  What benefit do they gain?
Michael Cole
Michael Cole Sep 22, 2021 8:30PM ET
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Hello Markus
Michael Cole
Michael Cole Sep 22, 2021 8:30PM ET
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Hello Markus
 
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