Finance
U.S. Treasury’s Yellen urges Irish finance minister to take global tax deal
Published by maria gbaf
Posted on September 24, 2021
2 min readLast updated: February 2, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on September 24, 2021
2 min readLast updated: February 2, 2026
Janet Yellen urges Ireland to join a global tax deal to stabilize international tax systems, despite Ireland's current opposition.
By David Lawder
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen urged Paschal Donohoe, the finance minister of low-tax Ireland, to take a “once in a generation opportunity” for a global deal that would stop a race to the bottom on corporate tax rates, the Treasury said on Wednesday.
Despite pressure from Yellen and European Union officials, Ireland has not wavered in its opposition as an October deadline approaches to finalize a deal for a global minimum tax of at least 15% — well above Ireland’s 12.5% rate.
Donohoe said on Monday that Ireland was “still some bit away” from joining the Organisation for Economic Cooperation and Development (OECD) tax agreement as he waits to see whether a deeply divided U.S. Congress will accept the Biden administration’s proposed tax increases.
Yellen, during a call with Donohoe, “expressed appreciation for Ireland’s constructive participation” in the OECD tax reform talks, and the two ministers agreed to keep in close communication on the issue, the Treasury said in a statement.
“Secretary Yellen emphasized the goal of stabilizing the international tax system and stopping the race to the bottom through this once in a generation opportunity offered by the OECD Inclusive Framework,” the Treasury added.
(Reporting by David LawderEditing by Chris Reese and Leslie Adler)
The article discusses Janet Yellen urging Ireland to join a global tax deal aimed at stabilizing international tax systems.
Ireland is hesitant due to its current low corporate tax rate of 12.5%, which is below the proposed global minimum of 15%.
Key figures include U.S. Treasury Secretary Janet Yellen and Irish Finance Minister Paschal Donohoe.
Explore more articles in the Finance category
