WASHINGTON – The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Joint Finance and Health Ministers’ Meeting on October 29 in Rome, Italy; G20 Heads of State and Government Summit on October 30 and 31 in Rome, Italy; attend meetings to further global tax policy priorities in […]
Category Archives: U.S. Treasury
The United States, Austria, France, Italy, Spain, and the United Kingdom Announce Agreement on the Transition from Existing Digital Services Taxes to New Multilateral Solution Agreed by the OECD-G20 Inclusive Framework
WASHINGTON – On October 8, an historic agreement was reached between 136 countries of the OECD-G20 Inclusive Framework – representing 94% of the world’s GDP – on a two Pillar package of reforms to the international tax framework to be implemented in 2023. These reforms will provide for a tax framework that is fairer, more […]
Joint Statement from the United States, Austria, France, Italy, Spain, and the United Kingdom, Regarding a Compromise on a Transitional Approach to Existing Unilateral Measures During the Interim Period Before Pillar 1 is in Effect
Joint Statement from the United States, Austria, France, Italy, Spain, and the United Kingdom, Regarding a Compromise on a Transitional Approach to Existing Unilateral Measures During the Interim Period Before Pillar 1 is in Effect October 21, 2021 Background On October 8, 2021, the United States, Austria, France, Italy, Spain, and the United Kingdom, joined […]
READOUT: Financial Stability Oversight Council Meeting on October 21, 2021
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions by videoconference. During the executive session, the Council received an update on the development of the Council’s 2021 annual report. The Council also received an update from Treasury […]
Financial Stability Oversight Council Identifies Climate Change as an Emerging and Increasing Threat to Financial Stability
In First Step, FSOC Releases Report and Recommendations on Climate-related Financial Risk WASHINGTON — The Financial Stability Oversight Council (FSOC) has released a new report in response to President Biden’s Executive Order 14030, Climate-related Financial Risk. For the first time, FSOC has identified climate change as an emerging and increasing threat to U.S. financial stability. […]
FATF Works to Strengthen Financial Transparency, Combat Misuse of Virtual Assets
FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on […]
FACT SHEET: Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy
WASHINGTON — Rates of tax compliance in the United States are based in large part on the ways taxpayers accrue income. Those who receive their income that is reported on by a third-party source, such as wage earners, exhibit near-perfect compliance rates on their salaries–since the payer of the income also reports the income paid as […]
Testimony of Deputy Secretary of the Treasury Wally Adeyemo before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
As delivered Chairman Brown, Ranking Member Toomey, and Members of the Committee, thank you for giving me the opportunity to speak to you today about the National Advisory Council on International Monetary and Financial Policies (NAC) report to Congress, the Treasury Department’s priorities, and our outlook for the global financial system. As you know the […]
Statement by Secretary of the Treasury Janet L. Yellen on Congressional Tax Compliance Proposals
I deeply appreciate Chairman Wyden and Chairman Neal’s leadership on reconciliation and in particular, on the need to close the tax gap. Under the current system, American workers pay virtually all their tax bills while many top earners avoid paying billions in the taxes they owe by exploiting the system. At the core of the problem […]
U.S. Department of the Treasury Releases Sanctions Review
Report Emphasizes Need for Continued Multilateral Approach, Structured Policy Framework, and Enhanced Cost Mitigation WASHINGTON – The U.S. Department of the Treasury today released the results of a broad review of the economic and financial sanctions that it administers and enforces, and issued recommendations to preserve and enhance their effectiveness in supporting national security and […]