US Secretary of the Treasury Janet Yellen on Monday spoke with French Minister of Finance Bruno Le Maire about the importance of working together toward a solution in the ongoing Organisation for Economic Co-operation and Development (OECD) discussions on international taxation, the US Department of the Treasury said in a statement.
During their conversation, Yellen emphasized US support for a strong economic recovery and explained US President Joe Biden’s administration’s broader plans to support jobs and investment in the US, the department said.
“The secretary also expressed support for measures to promote the global recovery through multilateral mechanisms and support for low-income countries,” it said.
Nearly 140 countries are racing to wrap up talks by the middle of this year to modernize outdated rules on how much governments can tax cross-border commerce and set a global minimum corporate tax rate.
The talks stalled last year following a proposal by the administration of then-US president Donald Trump to let companies out of new global tax rules, but Yellen has since dropped that demand.
Yellen had underscored her commitment to reaching a global agreement through the OECD, and would discuss the issue with her G20 counterparts when they meet virtually next week.
The US in January had already refrained from imposing threatened tariffs on US$1.3 billion in imports of French Champagne, cosmetics, handbags and other goods in retaliation for France’s digital tax, but said it could still impose them if the OECD talks did not result in a global solution.
US Trade Representative Katherine Tai (戴琪) last week said the same applied to US tariffs threatened against goods from Austria, India, Italy, Spain, Turkey and the UK in retaliation for their respective digital services taxes.
The Office of the US Trade Representative investigations into the taxes adopted by the six countries found that they discriminate against US technology companies and are inconsistent with international tax norms.
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Printed circuit board (PCB) maker Global Brands Manufacture Ltd (精成科技) is to fully acquire Japanese peer Lincstech Co for about NT$8.4 billion (US$256.9 million) as the company aims to add high-end PCBs to its PC-centric product lineups. The company also expects the deal to help expand its manufacturing sites in Southeast Asia, as local firms diversify to mitigate geopolitical risks. “The acquisition will mean an important step for the company to further expand its presence in Southeast Asia and globally,” Global Brands Manufacture chief financial officer Weng Chia-yu (翁家玉) said at a news conference in Taipei yesterday. The company has set up manufacturing
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
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