Yellen Opposes Shifting Global Tax Deal Talks to UN

U.S. Treasury Secretary Janet Yellen opposes transitioning global tax negotiations from the OECD to the UN, stating that the OECD is better suited for the task. Despite support from some developing countries and non-profits like Oxfam, Yellen argues the UN lacks the technical expertise and consensus-based approach needed for complex tax talks.

U.S. Treasury Secretary Janet Yellen firmly opposes moving global tax deal negotiations from the Organisation for Economic Cooperation and Development (OECD) to the United Nations, as some developing countries and non-profits desire. Speaking in Brazil during a Group of 20 finance leaders' meeting, Yellen emphasized the OECD's superior technical expertise and consensus-based approach.

"We don't want to see this shifted to the UN," Yellen stated in Rio de Janeiro. She underscored that the UN's majority vote structure is not conducive to the complex nature of tax negotiations, which require comprehensive agreements that cater to each country's interests. The OECD has made substantial progress over the past three years, handling a two-part corporate tax deal.

While non-profits like Oxfam push for a more inclusive platform, Yellen maintains that certain tax topics might be suitable for UN oversight, but not the intricacies of global corporate tax reforms. She highlighted that ongoing OECD talks had made headway, though challenges remain with nations like India, China, and Australia.

(With inputs from agencies.)