Yellen Strives to Salvage Global Corporate Tax Deal Amidst India's Stance

U.S. Treasury Secretary Janet Yellen announced efforts to save a crucial part of the global corporate tax deal focusing on highly profitable multinational firms. India remains uncooperative on key issues, while China has been largely absent in the negotiations involving 140 countries. Yellen emphasized her commitment to the 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 involving 140 countries.

"We are actively engaged in this negotiation," Yellen said. "We're committed to doing everything we possibly can to make it work.”