Finance ministers from the G20 group of industrialized nations endorsed on Saturday a historic pact that will set a global minimum tax to prevent corporations from shifting their profits to tax havens
ROME (Pakistan Point News / Sputnik - 10th July, 2021) Finance ministers from the G20 group of industrialized nations endorsed on Saturday a historic pact that will set a global minimum tax to prevent corporations from shifting their profits to tax havens.
"After many years of discussions and building on the progress made last year, we have achieved a historic agreement on a more stable and fairer international tax architecture," a communique read.
The motion is being championed by the Organisation for Economic Co-operation and Development, which said that 130 members states had backed the deal. A framework agreement is expected to be ready by the G20 leaders' summit in October.
US Treasury Secretary Janet Yellen said in a statement that there was broad consensus to set a global minimum tax of at least 15% and urged world economies to move quickly to finalize the deal in order to "end the global race to the bottom on corporate taxation."
