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G-20 finance chiefs to back int’l corporate tax reforms: draft paper

Finance chiefs from the Group of 20 Major Economies will endorse a global minimum corporate tax rate of 15 percent and other reforms to tackle tax avoidance by tech giants, according to a draft joint document to be issued after their meeting in Washington on Wednesday.

As for an OECD-led global agreement reached last week that would lead to a once-in-a-century corporate tax reform, G-20 finance ministers and central bank governors are expected to take this step. will welcome as leading to a “more stable and fairer international tax system.”

File photo shows a meeting of the Group of 20 financial leaders in Italy in July 2021. (Photo courtesy of UK Treasury)(Kyodo)

As countries like the United States see rising inflation amid supply disruptions caused by the coronavirus pandemic, G-20 members are also expected to pledge that their central banks will “act as needed”. including on price stability, the draft document shows. .

The G20 meeting will be held on the sidelines of the annual autumn meetings of the International Monetary Fund and the World Bank, with their agreement to report to a summit in Rome later this month.

Japanese Finance Minister Shunichi Suzuki, who assumed the position at the launch of Prime Minister Fumio Kishida’s cabinet on Oct. 4, missed the event to attend a parliamentary session.

On Friday, 136 economies, in talks orchestrated by the Organization for Economic Co-operation and Development, signed to introduce a global minimum corporate tax rate of 15 percent by 2023 and a system to require multinational companies to pay their fair share of taxes, regardless of their size. physical presence.

The momentum for enacting new universal tax rules for companies operating cross-border has increased in recent years due to mounting criticism that major US tech companies such as Google LLC and Apple Inc. making a profit in low-tax jurisdictions.

The governments that join the deal, including all G-20 members and several low-tax jurisdictions that had initially resisted, such as Ireland and Hungary, will draft a multilateral treaty next year as they prepare for the necessary revisions to national laws. laws and regulations to put the new rules into practice in 2023.

At the G-20 meeting in the US capital, financial leaders are also expected to confirm that the global economic recovery from the coronavirus pandemic has continued at a brisk pace, while saying that central banks are “taking the current keep a close eye on price dynamics”. concept document shown.

Countries are also likely to reaffirm their commitment to ensuring safe, equitable and affordable access to coronavirus vaccines, as unequal distribution continues to overshadow the recovery prospects of low-income countries.

Following the G-20 talks, the financial leaders of the Group of Seven Economies are expected to meet and are expected to endorse a common set of central bank digital currency guiding principles, calling on issuing countries to ensure transparency and privacy protections.

The move by the G-7 countries – Britain, Canada, France, Germany, Italy, Japan and the United States, as well as the European Union – comes as China takes the lead in issuing a CBDC, with its pilot program to develop a digital yuan is already underway.

The G-20 is made up of the G-7 countries, as well as Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

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