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G20 financial leaders agree to proceed with plans for international tax crackdown – News


Italy’s Carabinieri is guarding St. Mark’s Square the day before the G20 Finance Minister and the central banker meet in Venice on July 8, 2021.

ANDREAS SOLARO | AFP | Getty Images

Financial leaders of groups of 20 major powers said they had reached an agreement on how to promote a “more stable and fairer international taxation system.” Communiqué From the meeting on Saturday.

The G-20 is a forum for governments and central bank governors of 20 major economies. At a meeting of the Group’s Finance Ministers and Central Bank Governors, leaders were asked to redistribute the interests of multinational corporations and to implement a global minimum tax after “long-standing discussions and construction based on last year’s progress.” Approved the component. They wrote.

The group aims for national leaders to approve the plan October G20 Summit..

According to ReutersThe agreement sets a global minimum corporate tax of at least 15% to prevent multinational corporations from shopping at the minimum tax rate.The agreement will also change the way companies like it Amazon And Alphabet Google is taxed in part based on where you sell your products and services, not where you are headquartered.

Reuters reported Germany’s Treasury Minister Olaf Scholz has confirmed that all G20 economies are participating in the agreement.Meanwhile, the US Treasury Secretary Janet Yellen A few countries, including low-tax countries such as Ireland and Hungary, are still against it, but said they would be encouraged to register by October.

G20 financial leaders agree to proceed with plans for international tax crackdown

Source link G20 financial leaders agree to proceed with plans for international tax crackdown

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