Yellen and Mexican finance minister discuss digital taxation

FILE PHOTO: U.S. Treasury Secretary Janet Yellen, the former Federal Reserve chair, holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December 13, 2017. REUTERS/Jonathan Ernst/File Photo

MEXICO CITY (Reuters) - Mexican Finance Minister Arturo Herrera on Tuesday discussed with U.S. Treasury Secretary Janet Yellen the need for an international agreement on taxing the digital economy, Mexico’s finance ministry said.

Nearly 140 countries are currently negotiating the first update in a generation to the rules for taxing cross-border commerce, to account for the emergence of big digital companies like Google, Apple and Facebook.

Ministers within the Organisation for Economic Cooperation and Development (OECD) last week expressed optimism that the new U.S. administration of President Joe Biden was more open to such a deal.

Reporting by Frank Jack Daniel