WASHINGTON: White House economic adviser Brian Deese on Friday said the United States was still working to get more countries to join an agreement signed this week by 130 countries backing a global corporate minimum tax of at least 15 percent.
The deal will help create momentum for President Joe Biden’s push to increase corporate tax rates at home, while helping to raise revenue needed for a variety of investments, Deese told reporters at the White House.
Officials from 130 of the 139 countries taking part in talks lead by the Organization for Economic Cooperation and Development on Thursday agreed to the broad overhaul of rules for taxing international companies.
Among the holdouts were Ireland, Hungary and Estonia — all members of the European Union that have sought to attract investment with low tax rates.
“This is a process,” Deese said. “We’ve going to keep working at it. We’re not there. This is a milestone in the process, but a real strong signal of momentum toward the ultimate goal.”
German Finance Minister Olaf Scholz told reporters after a meeting with US Treasury Secretary Janet Yellen that he expected rapid implementation of the global tax deal by the EU despite the refusal of several members to sign the deal.
“I am optimistic,” he said, adding that he expected the Group of 20 major economies to join the Group of Seven (G7) nations in endorsing the plan at next week’s G7 finance officials meeting in Venice.
The OECD said an implementation plan and other remaining issues will be finalized by October, with the deal expected to be implemented in 2023, according to the OECD.
The head of the International Monetary Fund, Kristalina Georgieva, on Thursday also urged holdout countries to join the deal, saying it would be in their own interest to do so.
White House urges more countries to sign 15% global corporate tax pledge
https://arab.news/v6wrh
White House urges more countries to sign 15% global corporate tax pledge
- Saudi Arabia among 130 signatories to global tax deal
- Ireland and Hungary among holdouts
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
