Yellen says India and China hindering ‘Pillar 1’ tax deal

U.S. Treasury Secretary Janet Yellen said on Friday she is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.
Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been “all but absent” in the negotiations to finalize “Pillar 1” of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries.
“We are actively engaged in this negotiation,” to meet an end-June deadline for the deal, Yellen said. “We’re committed to doing everything we possibly can to make it work.”
Earlier on Friday, Italian Finance Minister Giancarlo Giorgetti told reporters that the Pillar 1 negotiations were set to fail, citing objections from the U.S., India and China.