Global Deal Disputes Prevent Exact Revenue Estimate, Yellen Says

The revenue impact on the US of part of the OECD-led global tax deal can’t be exactly calculated while “significant disagreements” remain in the negotiations, Treasury Secretary Janet Yellen said Friday.

Pillar One of the global deal would reallocate a slice of the profits of the largest multinationals from countries where they’re currently taxed, to be taxed in the jurisdictions where the companies make sales. Treasury has previously said the measure is expected to be roughly revenue-neutral for the US.

The US stands to gain revenue, since it’s “a very large market jurisdiction” that would receive reallocated profits, Yellen said, ...