oecd
Paris (AFP) - The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said Monday. In a bleak report titled "paying the price of war", the Paris-based organisation noted that the conflict aggravated inflationary pressure when the cost of living was already rising quickly. "The world is paying a very heavy price for Russia's aggression against Ukraine," OECD Secretary-General Mathias Cormann said in a news conference. "Households and firms are suffering as costs rise and purchasing power is taking a hit," Cormann said. ...
AFP
Washington (AFP) - US Treasury Secretary Janet Yellen said Sunday she was "confident" Congress would pass legislation to implement a global tax agreement in the United States enacting a minimum international tax on big corporations. The OECD-brokered deal, which sets a global tax of 15 percent, is aimed at stopping international corporations from slashing tax bills by registering in nations with low rates. "I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package," Yellen told ABC's "This Week," referring to the federal bu...
AFP
Washington (AFP) - US Secretary of State Antony Blinken will promise better communication with France on a trip to Paris next week where officials are still smarting over the cancellation of a massive submarine contract. Blinken will travel to Paris from Monday through Wednesday for a meeting of the OECD club of advanced market economies and also meet French officials, the State Department announced. Blinken will then fly from Paris to Mexico City for his first trip to the US neighbor as secretary of state, which was already announced by the Mexican government. France was infuriated last month...
AFP
Paris (AFP) - Nearly 140 countries will haggle over key details of a global corporate tax plan this week, with some concerned about giving up too much and others eager to ensure tech giants pay their fair share. The Group of Seven (G7) wealthy democracies approved a proposal to impose a minimum corporate tax rate of at least 15 percent earlier this month, hoping to stop a "race to the bottom" as nations compete to offer the lowest rates. It is one of two pillars of reforms that would also allow countries to tax a share of profits of the 100 most profitable companies in the world -- such as Goo...
AFP
Washington (AFP) - US President Joe Biden's push to get major economies to agree on a 15 percent minimum tax rate for multinational corporations has hit turbulence after Ireland's finance minister expressed "significant reservations" about the plan. The objection from Dublin's finance minister Paschal Donohoe on Tuesday carries weight because Ireland hosts an outsized number of technology and pharmaceutical firms that were attracted to the country for its lower tax rate. "We do have really significant reservations regarding a global minimum effective tax rate status at such a level that it me...
AFP
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