G-20 finance ministers back plan to stop use of tax havens
DAVID McHUGH, AP Business Writer
July 10, 2021
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1of21Italian Policemen in riot gears clash with demonstrators during a protest against the G20 Economy and Finance ministers and Central bank governors meeting in Venice, Italy, Saturday, July 10, 2021.Luca Bruno/APShow MoreShow Less
2of21Demonstrators push their placards against a line of Italian Policemen in riot gears during a protest against the G20 Economy and Finance ministers and Central bank governors meeting in Venice, Italy, Saturday, July 10, 2021.Luca Bruno/APShow MoreShow Less
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4of21Italian Policemen in riot gears clash with demonstrators during a protest against the G20 Economy and Finance ministers and Central bank governors meeting in Venice, Italy, Saturday, July 10, 2021.Luca Bruno/APShow MoreShow Less
G20 finance ministers back plan to stop use of tax havens Today 06:00 am JST Today | 06:22 am JST VENICE
Top finance officials representing most of the world s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter big companies from resorting to low-rate tax havens.
Finance ministers from the Group of 20 countries endorsed the plan at a meeting Saturday in Venice.
U.S. Treasury Secretary Janet Yellen said the proposal would end a “self-defeating international tax competition” in which countries have for years lowered their rates to attract companies. She said that had been “a race that nobody has won. What it has done instead is to deprive us of the resources we need to invest in our people, our workforces, our infrastructure.”
Global tax reform gains steam as G20 FMs back new levies
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Global tax reform gains steam as G20 FMs back new levies
AP / Jul 11, 2021, 06:48 IST
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US treasury secretary Janet Yellen said the proposal will end a ‘self-defeating international tax competition’ in which countries have for years lowered their rates to attract multinational companies (Reuters)
NEW DELHI: Top finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter tech giants big companies from resorting to low-rate tax havens.
Finance ministers from the Group of 20 countries endorsed the plan at a meeting on Saturday in Venice. Italy hosted the meeting because it holds the rotating chair of the G-20, which makes up over 80% of the world economy.
The next steps include more work on key details at the Paris-based Organization for Economic Cooperation and Development and then a final decision at the Group of 20 meeting of presidents and prime ministers on Oct. 30-31 in Rome. Italy hosted the finance minister’s meeting in Venice because it holds the rotating chair of the G-20, which makes up more than 80% of the world economy.
Implementation, expected as early as 2023, would depend on action at the national level. Countries would enact the minimum tax requirement into their own laws. Other parts could require a formal treaty. The draft proposal was approved July 1 in talks among more than 130 countries convened by the OECD.
The officials brought forward plans for a global minimum 15% corporate tax. Author: DAVID McHUGH AP Business Writer Published: 3:30 PM CDT July 10, 2021 Updated: 3:30 PM CDT July 10, 2021
Editors Note:
The video in the player above is from June 2021.
Top finance officials representing most of the world s economy have backed a sweeping revision of international taxation that includes a 15% global minimum corporate levy to deter big companies from resorting to low-rate tax havens.
Finance ministers from the Group of 20 countries endorsed the plan at a meeting Saturday in Venice.
U.S. Treasury Secretary Janet Yellen said the proposal would end a “self-defeating international tax competition” in which countries have for years lowered their rates to attract companies. She said that had been “a race that nobody has won. What it has done instead is to deprive us of the resources we need to invest in our people, our workfo