Yellen Said UN Does Not Have Expertise On Global Tax Issues, Brings In Too Many Countries; Said Pillar 1 Talks On Digital Taxes Have Made A Lot Of Progress But India, China, Australia Remain Holdouts
Portfolio Pulse from charles@benzinga.com
U.S. Treasury Secretary Janet Yellen stated that the United Nations lacks the expertise to handle global tax issues and involves too many countries. She mentioned that significant progress has been made in the Pillar 1 talks on digital taxes, but India, China, and Australia are still holding out.
July 26, 2024 | 6:38 pm
News sentiment analysis
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NEGATIVE IMPACT
Australia's holdout in the Pillar 1 digital tax talks could impact the iShares MSCI Australia ETF (EWA) as it may face regulatory uncertainties.
Australia's resistance to the digital tax agreement could lead to regulatory uncertainties, potentially affecting companies within the EWA ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
China's holdout in the digital tax talks may affect the iShares China Large-Cap ETF (FXI) due to potential regulatory challenges.
China's resistance to the digital tax agreement could lead to regulatory challenges, potentially affecting companies within the FXI ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
India's holdout in the digital tax talks could impact the iShares MSCI India ETF (INDA) due to potential regulatory uncertainties.
India's resistance to the digital tax agreement could lead to regulatory uncertainties, potentially affecting companies within the INDA ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The progress in Pillar 1 digital tax talks, despite some holdouts, could have a neutral impact on the SPDR S&P 500 ETF (SPY) as the overall market sentiment remains mixed.
While there is progress in the digital tax talks, the holdouts by major countries like India, China, and Australia create mixed market sentiment, leading to a neutral impact on SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50