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G7 seeks more progress on global corporate tax reform

Finance ministers from the Group of Seven rich nations said they had to make more progress on the small print of a reform of global corporate tax rules in time for a summit of world leaders in October.

Britain’s Rishi Sunak said he urged his G7 peers during a virtual meeting to make continued technical progress on the reforms.

More than 130 countries agreed this summer to work out new rules on where companies are taxed, to adopt a tax rate of at least 15%, and to drop national digital services taxes in favor of the new taxing rights.

Diplomats are now pushing for a deal at the next Group of 20 summit in October on the technical parameters for the reform.

“I said the G7 must unite to play a leadership role to aim for an effective agreement in October,” Japanese Finance Minister Taro Aso told reporters.

Sunak said on Twitter that he also called on the G7 to give support for vulnerable countries through the International Monetary Fund’s special drawing rights ahead of discussions between finance ministers and central bankers in October.

A G7 source said Thursday’s meeting also discussed how to deal with the new Taliban government in Afghanistan.

“We don’t want to see a humanitarian catastrophe in Afghanistan. There must not be a famine in Afghanistan,” the source said, speaking on condition of anonymity.

Britain holds the rotating presidency of the G7 which also comprises Canada, France, Germany, Italy, Japan and the United States.
Source: Reuters (Reporting by William Schomberg in LONDON, Tetsushi Kajimoto in TOKYO Editing by David Milliken)

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