Yellen Opposes Shifting Global Tax Deal Talks to UN

U.S. Treasury Secretary Janet Yellen expressed her opposition to moving global tax deal negotiations from the OECD to the UN, citing concerns over technical expertise and consensus-based decision-making. During the G20 finance leaders' meeting in Brazil, Yellen emphasized the progress made by the OECD over the past three years.

U.S. Treasury Secretary Janet Yellen stated on Friday that she opposes transferring the negotiations for a global tax deal to the United Nations. She believes such a shift would undermine progress made under the Organisation for Economic Cooperation and Development (OECD), which has been handling the talks for three years.

Speaking on the sidelines of a Group of 20 finance leaders' meeting in Brazil, Yellen told Reuters that the OECD is a consensus-based entity better equipped for these complex discussions. 'We don't want to see this shifted to the UN,' Yellen remarked while in Rio de Janeiro. 'The UN lacks the technical expertise needed.'

Yellen argued that moving negotiations to the UN would complicate matters, as many more countries would participate, making it difficult to reach unanimous agreements. She emphasized that the majority vote structure of the UN is unsuitable for intricate tax negotiations.

(With inputs from agencies.)