Treasury Secretary Janet Yellen said Poland is expected to drop its opposition to a global minimum tax on multinational corporations, clearing the way toward finalizing a broader deal on international taxation. The deal, brokered through the Organization for Economic Cooperation and Development (OECD), has been signed by the U.S. and 140 other taxing jurisdictions. A provision of the OECD-led deal known as Pillar Two would require participating countries to set a minimum domestic tax of at least 15% on profits of multinationals in their purview. Pillar One, the deal’s other component, would reallocate taxing rights so developing countries can capture more revenue from the digital economy.
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