UK’s Sunak calls for progress on global tax deal at G20 gathering By Reuters

© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak meets with U.S. Treasury Secretary Janet Yellen (not pictured), in London, Britain June 3, 2021. REUTERS/Hannah McKay/Pool/File Photo

LONDON (Reuters) – British finance minister Rishi Sunak called for progress on a global deal to agree a minimum corporate tax rate and how to split revenue from large multinationals, as finance ministers from 20 of the world’s biggest economies prepare to meet.

Sunak chaired a meeting of finance ministers from the Group of Seven in London last month which reached a provisional agreement, and 130 countries backed similar wide-ranging changes after talks in Paris last week

After years of stalemate, global tax talks gained fresh impetus in recent months under the new administration of U.S. President Joe Biden.

However, key details and potential tax exemptions remain undecided and any deal will need to clear the U.S. Congress, where many lawmakers lack Treasury Secretary Janet Yellen’s enthusiasm for higher business taxes.

“Now is the time for the international community to rally together and build on this momentum to ensure we get the deal’s final details over the line by October,” Sunak said ahead of a meeting of Group of 20 finance ministers and central bankers taking place in Venice on Friday and Saturday.

French Finance Minister Bruno Le Maire said on Tuesday that his G20 counterparts were poised to give political endorsement of a proposed overhaul of how multinational companies pay tax.

Sunak also plans to host a meeting of Group of Seven finance ministers in Venice on Saturday morning, where he will seek progress on climate change issues, including requirements for businesses to report their environmental impact.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button