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G20 ministers set to green light global tax reform | AFP
July 10, 2021 (AFP) -- Finance ministers from the G20 richest nations resumed discussions in Venice Saturday to give the green light to a historic deal to tax multinational companies more fairly.
The framework for reform, including a minimum global corporate tax rate of 15 percent, was agreed by 131 countries earlier this month and could be in place by 2023.
Hailed by those involved as historic, it aims to prevent a race to the bottom as countries compete to offer the lowest tax rates to attract investment, with many multinationals as a result paying derisory levels of tax.
The countries representing 85 percent of global wealth are seeking a deal "for the 21st century, which will allow for the fair taxation of digital giants which largely escape taxation, which nobody can accept," French Finance Minister Bruno Le Maire told AFP Friday.
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CreatedSaturday, July 10 2021
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Last modifiedSaturday, July 10 2021
