G20 finance ministers agree on gloal tax reform plan

CNC
Added On July 11, 2021

Finance ministers of the world's 20 largest economies, or G20 have agreed to go ahead with the plan to design a global tax system that would impose a minimum levy on multinational companies.

 
After a two-day meeting in Venice, the G20 finance ministers and central bank governors reaffirmed the common will to reform the international business tax system.
 
If implemented, this would put an end to multinational corporations shifting profits to low-tax heavens around the world.
 
In the final communique, they wrote that they achieved "a historic agreement on a more stable and fairer international tax architecture" after several years of talks and building on the progress made last year.
 
The tax reform plan will have to be definitely approved by G20 heads of state and government gathering in Rome in October for the annual major summit.
 
On the economy, the G20 finance leaders said the outlook has improved in many countries, mainly thanks to ongoing vaccination campaigns and the roll-out of supportive policies.   
 
They underlined that the recovery remains uneven, and "exposed to downside risks, in particular the spread of new variants of the COVID-19 virus and different paces of vaccination."