Reuters
U.S. Treasury Secretary Janet Yellen told G20 officials that Washington had dropped the Trump administration's proposal to let some companies opt out of new global digital tax rules, U.S. and European officials said on Friday, raising hopes for an agreement by summer. Nearly 140 countries have set a mid-2021 deadline to wrap up talks to modernize outdated rules on how much governments can tax cross-border commerce and set a global minimum corporate tax rate after negotiations nearly ground to a halt last year due to the U.S. proposal. "Secretary Yellen announced that we will engage robustly to address both Pillars of the OECD project, and that the United States is no longer advocating for 'safe harbor' implementation of Pillar 1," a U.S. Treasury official said.