Description
Added on the 21/05/2021 14:17:00 - Copyright : France 24 EN
Group of Seven (G7) nations reached a landmark deal on Monday to reduce the incentive of multinational companies to shift profits to tax havens.G7 finance ministers agreed on Saturday to back a global corporate tax rate of at least 15% to squeeze more money out of sprawling companies such as Amazon and Google.
From 2023, multinational corporations will have to pay taxes in countries where they operate - not just where they have their headquarters.
Finance Ministers meet central bankers at the G20 in Venice with a view to stopping multinational companies from shifting profits into low-tax havens.
"We’re working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom," says US Treasury Secretary Janet Yellen in remarks to the Chicago Council of Global Affairs think tank. SOUNDBITE
The government is preparing to sign off on the historic agreement at a cabinet meeting on Thursday.