U.S.'s Yellen says expects to finalize tax changes for large firms in 2022

U.S. Treasury Secretary Janet Yellen said on Sunday that a new mechanism to allow more countries to tax large, highly profitable multinational firms may not be ready for consideration by lawmakers until the spring of 2022.

Yellen told a news conference after G20 finance leaders meeting in Venice in Italy that the OECD "Pillar 1" reallocation of taxing rights was on a "slower track" than a global corporate minimum tax of at least 15% as part of a major tax deal among 132 countries.