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G-20 Finance Ministers Back Deterring Use of Tax Havens
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G20 ministers support plan to stop use of tax havens
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G-20 finance ministers back plan to stop use of tax havens
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German finance minister confident EU will agree on corporate tax reform
Germany’s finance minister is optimistic that European Union member states will reach agreement on a planned minimum corporate income tax.
The plans for new rules on where and how much companies are taxed were backed last week by 130 countries at the Paris-based Organisation for Economic Cooperation and Development.
EU member states Ireland, Estonia and Hungary are among the countries that did not sign the deal.
“I am convinced that in the end we will come to a joint decision in the EU,” Olaf Scholz told radio station DLF before heading to a meeting of G20 finance ministers and central bankers in Venice.
July 10, 2021 08:13
Finance ministers and central bankers from the group of 20 rich countries will meet face to face on Friday for the first time since the start of the COVID-19 pandemic at a gathering in Venice where corporate tax reform will top the agenda.
The G20 is expected to give its political endorsement to plans for new rules on where and how much companies are taxed which were backed last week by 130 countries at the Paris-based Organization for Economic Cooperation and Development.
The deal envisages a global minimum corporate income tax of at least 15 percent, a level which the OECD estimates could yield around US$150 billion in additional global tax revenues but leaves much of the details to be hammered out.