“The consensus reached today by the G7 finance ministers on global minimum taxes is a historic step toward the global consensus needed to reform the international tax system,” the Secretary-General of the Organization for Economic Co-operation and Development (OECD) said in a statement. Statement describing the agreement as “Pioneer”.
The new head of the Organization for Economic Co-operation and Development, who this week replaced Mexico’s Angel Gurria at the helm of the organization, noted that governments around the world need to tax essential public services and support their citizens in an “effective, fair and equal” way.
“The combined effect of globalization and the digitization of our economies has resulted in distortions and inequalities that can only be effectively addressed through a multilaterally agreed upon solution,” he added.
Corman noted that there is still work to be done, but acknowledged that the decision represented an “important moment” in future discussions by the 139 OECD member countries and the body’s jurisdictions and the G20 under BEPS (English acronym for Plan Against Erosion). tax base and profit transmission).
“We continue to search for a final deal that will ensure that multinational companies pay their fair share everywhere,” concluded the OECD leader.
Today, at a meeting in London, the finance ministers from the United Kingdom, the United States, France, Germany, Italy, Canada and Japan supported the reform of the global tax system, at the end of a two-day meeting.
The goal is for multinational corporations to pay taxes where they make a profit and not where they have their physical headquarters.
After nearly a decade of trying, the Group of Seven also agreed to introduce a corporate tax of at least 15%, down from the 21% the United States had intended.
The agreement has not yet entered into force, as it must be taken up at the next G-20 meeting, next July, in Venice.
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
