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G7 finance ministers begin meeting to discuss minimum global tax

G7 finance ministers begin meeting to discuss minimum global tax

Updates: 04.06.2021 13:17
Published:

LONDON – A two-day meeting of finance ministers of the G7 group of most developed countries has begun in the UK, focusing on taxes. This is the first meeting in person, the previous one taking place almost last year due to an epidemic. Ministers will try to outline the deal, which will set a minimum tax on the profits of global companies – which could be as high as 15 percent, according to the United States. European countries want the deal to apply to all major US technology companies, not just Facebook, Amazon or Google.

The meeting will be chaired by British Minister Rishi Sunak, who initially said he was optimistic about the tax-related deal for Internet companies and other multinationals. The deal has the backing of US President Joe Biden, and if other G7 officials clearly agree, it could lead to talks between representatives of more than 140 countries in Paris. The Organization for Economic Co-operation and Development (OECD) is also discussing the general position of companies operating worldwide on taxation.

“I am very confident that we will reach definitive results by the end of the week,” said the British Minister, quoted by Andhra Pradesh. “Together, we can bring about real change and help bring the international community through the next phase of recovery,” the minister added. Britain is holding the London meeting as it now holds the G7 presidency. The leaders of these seven countries will meet for a week, or from 11 to 13 June, at the Corbis Bay Resort in Cornwall, southwest of the UK.

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For years, rich countries have not tried to agree on how to improve tax collection from multinational corporations. They often establish a place in a country with low or zero taxes, even if they keep their business operations elsewhere. Pitton’s efforts to tax large corporations also indicate that individual states are more likely to agree. The administration of former US President Donald Trump has reduced taxes on companies. The reason for the deal is that states are now looking for additional resources to improve public finances. Governments have spent huge sums to mitigate the effects of the epidemic on the economy and the lives of their citizens.

Minister Sunak stressed the importance of meeting colleagues in person. The G7 includes the United States, Canada, Japan, Britain, Germany, Italy and France. Ministers meet at the Lancaster House, a 19th-century decorated building near the Royal Buckingham Palace.

Britain World Diplomatic Economy Tax G7