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US, France discuss solution at OECD to issue of taxing companies : Treasury Dept.

Washington: US Treasury Secretary Janet Yellen spoke with French Minister of Finance, Economy and Recovery Bruno Le Maire about their countries’ joint efforts to enable a global economic recovery and solve the issue of international taxation among OECD countries, the Treasury Department said in a statement.

“Earlier today, Secretary of the Treasury Janet L. Yellen spoke with French Minister of Finance, the Economy, and the Recovery Bruno Le Maire,” the statement said on Monday. “They discussed the importance of working together toward a solution in the ongoing OECD discussions on international taxation.”

Yellen also expressed the United States’ readiness to promote a global economic recovery via multilateral mechanisms and support low-income countries, the statement said.

In July 2019, France passed a law on taxing major US corporations, including tech giants Google, Apple and Facebook. However, in January of 2020, France decided to postpone levying the tax so that the negotiations at the OECD on the issue of taxation would be concluded. By the end of January, 137 countries had expressed their commitment to reach an OECD-led deal on taxation of multinational tech companies by the end of 2020.

France’s tax has been a source of tensions between Paris and Washington as the latter believes it unfairly targets US companies.

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