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Singapore s Finance Minister Lawrence Wong speaking at the G20 meeting. (Photo: Facebook/Lawrence Wong)
11 Jul 2021 08:37AM (Updated:
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VENICE: G20 finance ministers on Saturday (Jul 10) gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.
A total of 132 countries have already signed up to a framework for international tax reform, including a minimum corporate rate of 15 per cent, struck earlier this month.
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But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years of negotiations.
Virus variants threaten global recovery, G20 warns 11 Jul 2021 / 08:04 H. Protesters demonstrate against finance ministers from G20 countries and their policies as they meet in Venice, in Venice, Italy, July 10, 2021. -Reuters
VENICE: An upsurge in new coronavirus variants and poor access to vaccines in developing countries threaten the global economic recovery, finance ministers of the world s 20 largest economies warned on Saturday.
The G20 gathering in the Italian city of Venice was the ministers first face-to-face meeting since the start of the pandemic. Decisions include the endorsement of new rules aimed at stopping multinationals shifting profits to low-tax havens.
That paves the way for G20 leaders to finalise a new global minimum corporate tax rate of 15% at a Rome summit in October, a move that could recoup hundreds of billions of dollars for public treasuries straining under the Covid-19 crisis.
G20: «Μείζων πηγή ανησυχίας οι μεταλλάξεις του κορωνοϊού», λέει ο Ντ. Φράνκο
July 10, 2021
Ο υπουργός Οικονομικών της Ιταλίας Ντανιέλε Φράνκο δήλωσε σήμερα πως οι παραλλαγές του κορωνοϊού αποτελούν μείζονα πηγή ανησυχίας για την παγκόσμια οικονομία, όμως πρόσθεσε πως ο κόσμος πρέπει να αποφύγει να επιβάλει νέους περιορισμούς στη ζωή των ανθρώπων για να καταπολεμήσει την πανδημία.
«Η μόνη απάντηση είναι ο εμβολιασμός», δήλωσε ο Φράνκο, μιλώντας στο τέλος της συνεδρίασης των υπουργών Οικονομικών και των επικεφαλής των κεντρικών τραπεζών της Ομάδ
Global tax reform: Some 132 countries have already signed up to a framework for international tax reform.
Venice:
G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.
Some 132 countries have already signed up to a framework for international tax reform, including a minimum corporate rate of 15 percent, struck earlier this month.
But the endorsement by the 19 biggest economies plus the European Union will help ensure it becomes a reality following years of negotiations. We have achieved a historic agreement on a more stable and fairer international tax architecture, the ministers said in a final statement following two days of talks in Venice, hosted by G20 president Italy.