Tax changes for large firms may not be ready until 2022: Janet Yellen

Questions remain over US admin's ability to get Congress to ratify changes

US Treasury Secretary Janet Yellen said on Sunday that a new mechanism to allow more countries to tax large, highly profitable multinational firms may not be ready for consideration by lawmakers until the spring of 2022.

Yellen told a news conference after a G20 finance leaders meeting in Venice in Italy that the OECD “Pillar 1” 

re-allocation of taxing rights was on a “slightly slower track” than a global corporate minimum tax of at least 15 per cent as part of a major tax deal among 132 countries.

G20 finance ministers and central bank governors endorsed the deal over the weekend, but questions