The finance ministers and central bank governors of the G20 countries, gathered at the summit of the economy in Venice at this time, would be close to agreeing on the proposed taxation of multinationals. The hypothesis is to introduce a minimum rate of 15% and a mechanism for sharing profits between countries. Today’s discussions would also have highlighted the attention to the variants of Covid-19 as a potential risk factor with respect to a macroeconomic framework of global recovery.
Scholz: All G20 countries agree on minimum taxation
Confirming the agreement in sight, the German finance minister, Olaf Scholz, during a briefing with the foreign press explained that the G20 has made “significant progress” in the reform of the international taxation of multinationals and “all” the Twenty Countries that are part of it “are supporting an agreement to prevent multinationals from transferring profits to tax havens”. According to reports from the Reuters agency on its website, Scholz then added that all the countries present at the meeting in Venice “will support this international process to find a solution for a minimum taxation”.
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Le Maire: in view of the “revolution” in taxation
Along the same lines as Scholz, the French Minister of Economy, Bruno Le Maire, who, speaking to the press on the sidelines of the summit, also stressed the “broad support” among the G20 countries for the establishment of a minimum tax on multinationals. . If in these hours a formal agreement is reached – which should find a place in the document drawn up at the end of the G20’s work – this will constitute “it will be a point of no return”, a “revolution” in the world of international taxation. “We think this agreement represents the best way to have fair competition between the G20 countries,” concluded Le Maire.
Reserved session then final press conference
Today is the third session of the G20 Economics hosted at the Venice Arsenal. The members of the G20 discuss in particular on issues related to economic recovery, sustainable finance and international taxation. The work, which began this morning, will continue in a reserved session until the afternoon, when the final press conference is scheduled, with the participation of the Italian Economy Minister, Daniele Franco, and the Governor of the Bank of Italy, Ignazio Visco.