Calviño And Yellen Agree On Taxation

The economic leaders of Spain and the US defend an agreement on taxes in the OECD.

The Second Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño , held a meeting this Thursday with the US Secretary of the Treasury, Janet Yellen , in which they showed the “mutual good will” of both countries to reach an agreement on taxation within the framework of the OECD .

Likewise, the vice president has insisted on the importance of a negotiation in good faith, without unilateral actions in the commercial field, as reported by the Ministry of Economic Affairs and Digital Transformation after the meeting.

It should be remembered that a few weeks ago Yellen moved the proposal of the new Joe Biden Government to approve a minimum tax level at the global level for companies, so as to avoid the “race” to the bottom that currently exists.

And it is that a minimum tax at the global level to tax the profits of corporations is at the center of the debate on how to reestablish the world economic system after the pandemic. The International Monetary Fund (IMF) have already been in favor of this possibility.

This same Thursday, the European Parliament has defended the need for a minimum tax on companies and that the EU approve this measure if the negotiations taking place at the international level do not come to fruition.

At the meeting this Thursday, the representatives of both countries also addressed the economic situation and the alignment of the economic policy of the United States and Spain, with the shared priority of fighting the pandemic and promoting sustainable growth and creation. of employment, investment in future infrastructures and progress in social justice.

At the multilateral level, they have discussed support within the framework of the International Monetary Fund (IMF) for low- and middle-income countries. On this matter, Spain supports the creation of a fund for Special Drawing Rights (SDRs) at the IMF for middle-income countries, “to strengthen their economic resilience and promote the green transition.”

They have also addressed possible lines of improvement in the governance of the Inter-American Development Bank (IDB) and the World Bank, underlining the need to move forward to achieve consensus at the multilateral level and pointing out the situation of certain Latin American countries and the importance of achieving economic stability in the region.

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