US Treasury Secy in Poland to discuss taxes, Ukraine war

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Warsaw, May 17 | In the first leg of her European tour, US Secretary of the Treasury Janet Yellen arrived in Poland during which she met Prime Minister Mateusz Morawiecki and other officials to discuss Warsaw’s opposition to a global 15 per cent corporate minimum tax and the Ukraine war.

The visit to Warsaw is the first in a series of meetings for Yellen in Europe. She will also travel to Brussels in Belgium and Bonn in Germany this week, reports Xinhua news agency.

Poland is the only country in the European Union (EU) that has so far resisted plans to put a minimum on corporate taxes, aimed at halting a “race to the bottom” of countries trying to attract foreign enterprises.

Poland’s main argument against the tax is that it would put a larger burden on European companies, unless it is linked to changes in tax treaties that would allow countries to levy more taxes on large US technology giants.

This so-called Pillar 1 plan has however not been fully developed yet.

During the meeting with Morawiecki, the Treasury Secretary urged Warsaw to move on with the tax deal, saying it would “raise crucial revenues to benefit the citizens of both Poland and the US”.

“We’ve had very good discussions, good, frank discussions, in all of the meetings, and we’ll continue to work on all of the issues,” Yellen said.

The two sides also discussed the Ukraine crisis, including sanctions on Russia.

Yellen expressed gratitude to Poland for admitting 3.4 million Ukrainian refugees since the start of the war in February.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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