G20 finance ministers meeting in Venice were poised Saturday to endorse a 'revolutionary' deal to tax multinational companies more fairly.
Handout photo released by Argentina’s Ministry of Economy of Argentinian Minister of Economy Martin Guzman greeting US Secretary of Treasure Janet Yellen in Venice, Italy on July 10, 2021. – Guzman and Yellen met on the sidelines of the G20 finance ministers and central bankers meeting.
But an endorsement by ministers from the 19 biggest economies plus the European Union will help ensure it becomes a reality following years of negotiation.“If there is a deal today, there is no turning back. It will be implemented… it’s a kind of tax revolution”. But the G20 are not expected to go further than the 15 percent agreed on July 1 under the auspices of the Organisation for Economic Cooperation and Development .Final agreement is not expected until the run-up to the G20 leaders’ summit in Rome in October.
The measure is one of two so-called pillars of global tax reform that have been under negotiation for years, but which have been given new impetus under US President Joe Biden.Multinationals operate in many countries — oil giant BP is present in 85, for example — but usually pay taxes on profits only in tax domiciles cherry-picked for their low rates.
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